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GBP/JPY Technical Analysis: Probing Below 175.00 Anew

GBP/JPY Technical Analysis: Probing Below 175.00 Anew

2014-10-02 22:05:00
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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

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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