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GBP/JPY Technical Analysis: Spike Above 180 Fails to Hold

GBP/JPY Technical Analysis: Spike Above 180 Fails to Hold

2014-09-22 22:53:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 177.03, 176.25, 175.62
  • Resistance: 178.28, 179.53, 180.31

The British Pound spiked higher to test above the 180.00 figure against the Japanese Yen but the move failed to have staying power. A daily close above the 100% Fibonacci expansionat 178.28 exposes the 123.6% level at 179.53. Alternatively, a turn below the 76.4% Fib at 177.03 clears the way for a challenge of the 61.8% expansion at 176.25.

Risk/reward considerations argue against entering longas prices hover just at resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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GBP/JPY Technical Analysis: Spike Above 180 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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