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GBP/JPY Technical Analysis: July Top in the Crosshairs

GBP/JPY Technical Analysis: July Top in the Crosshairs

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.72, 172.04, 170.41
  • Resistance: 175.35, 176.43, 178.11

The British Pound continues to rise against the Japanese Yen, with prices closing in on July’s swing top. Near-term resistance is in the 175.07-35 area, marked by the 50% Fibonacci expansion and the July 3 high, with a break above that on a daily closing basis exposing the 61.8% level at 176.43. Alternatively, a reversal below the 38.2% Fib at 173.72 opens the door for a test of the 23.6% expansion at 172.04.

The looming Scottish Independence referendum injects an uncomfortable degree of event risk in taking a long or short Pound position at current levels. With that in mind, we will remain on the sidelines and wait for attractive opportunities to emerge after the news-flow docket clears up somewhat.

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GBP/JPY Technical Analysis: July Top in the Crosshairs

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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