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GBP/JPY Technical Analysis: Three-Week Uptrend Broken

GBP/JPY Technical Analysis: Three-Week Uptrend Broken

2014-09-04 23:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 171.47, 170.65-89, 170.17
  • Resistance: 172.05, 172.52, 173.28

The British Pound turned lower anew against the Japanese Yen, overturning the rising trend carved out over the past three weeks. Near-term support is at 171.47, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 170.65-89 area marked by a rising trend line and the 61.8% level. Alternatively, a turn above the 38.2% Fib at 172.05 opens the door for a retest rising trend line support-turned-resistance at 172.52

The available trading range is too narrow to justify taking up a long or short position from a risk/reward perspective. With that in mind, we will continue to stand aside for the time being and wait for an actionable setup to present itself.

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

GBP/JPY Technical Analysis: Three-Week Uptrend Broken

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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