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GBP/JPY Technical Analysis: Trying to Carve Out a Bottom

GBP/JPY Technical Analysis: Trying to Carve Out a Bottom

2014-10-06 22:17:00
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 may be readying to turn higher against the Japanese Yen after prices put an Inverted Hammer candlestick. Near-term resistance is at 176.35, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing a former range bottom now recast as resistance at 177.39. Alternatively, a turn below supportin the 175.01-35 area marked by the July 3 high and the 50% level opens the door for a test of the 61.8% level at 173.67.

An Inverted Hammer is a sign of indecision and does not amount to an actionable trade signal by itself absent confirmation. On the other hand, risk/reward considerations argue against taking up the short side with prices sitting just at support. With that in mind, we will remain flat.

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

GBP/JPY Technical Analysis: Trying to Carve Out a Bottom

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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