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GBP/JPY Technical Analysis: Probing Below 170.00 Figure

GBP/JPY Technical Analysis: Probing Below 170.00 Figure

2014-09-08 03:42:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 170.17, 169.00, 167.84
  • Resistance: 170.89, 171.47, 172.05

The British Pound continues to sink against the Japanese Yen, dropping to test below the 170.00 figure for the first time in over there months. A daily close below the 170.17-41 are marked by the 76.4% Fibonacci expansion and the August 15 low exposes the 100% level at 169.00. Alternatively, a reversal above the 61.8% Fib at 170.89 clears the way for a challenge of the 50% expansion at 171.47.

Risk/reward considerations argue against entering short with prices sitting squarely at support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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GBP/JPY Technical Analysis: Probing Below 170.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

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

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