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GBP/JPY Technical Analysis: Support Below 172.00 in Focus

GBP/JPY Technical Analysis: Support Below 172.00 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 171.87, 171.15, 170.56
  • Resistance: 172.88, 174.20, 175.35

The British Pound may be preparing to decline against the Japanese Yen once again after putting in a Bearish Engulfing candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 171.87 exposes the 38.2% level at 171.15. Alternatively, a reversal above falling trend line resistance set from early July at 172.88 clears the way for a challenge of the July 30 high at 174.20.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis: Support Below 172.00 in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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