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GBP/JPY Technical Analysis: Probing Below 175.00 Anew

GBP/JPY Technical Analysis: Probing Below 175.00 Anew

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 175.01, 173.67, 172.01
  • Resistance: 176.35, 177.39, 178.41

The British Pound continues to race downward, dropping to a two-week low to test below the 175.00 figure against the Japanese Yen. Near-term support is in the 175.01-35 area, marked by the July 3 high and the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 173.67. Alternatively, a reversal back above the 38.2% level at 176.35 opens the door for attest of 177.39, a former range bottom now recast as resistance.

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: Probing Below 175.00 Anew

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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