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GBP/JPY Technical Analysis: Break of 170.00 Fails to Hold

GBP/JPY Technical Analysis: Break of 170.00 Fails to Hold

2014-09-08 22:22:00
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 spiked below 170.00 against the Japanese Yen amid Scottish Independence referendum jitters but the breakout didn’t hold. Near-term support is in the 170.17-41 area, marked by the 76.4% Fibonacci expansion and the August 15 low, with a break below that on a daily closing basis exposing the 100% level at 169.00. Alternatively, a turn above the 61.8% Fib at 170.89 opens the door for a test of the 50% expansion at 171.47.

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.

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GBP/JPY Technical Analysis: Break of 170.00 Fails to Hold

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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