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GBP/JPY Technical Analysis: Pound Dips to 7-Month Low

GBP/JPY Technical Analysis: Pound Dips to 7-Month Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 169.33, 167.72, 166.00
  • Resistance: 170.50, 171.36, 172.21

The British Pound continues to push lower against the Japanese Yen, with prices dipping to touch a seven-month low. A daily close below the 169.33-44 area marked by the September 8 low and the 76.4% Fibonacci expansion exposes the 100% level at 167.72. Alternatively, a turn back above the 170.41-46 zone (August 15 low, 61.8% Fib) opens the door for a test of the 50% expansion at 171.36.

Prices are wedged too closely between near-term support and resistance levels to justify a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines, waiting for a more compelling opportunity to emerge.

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GBP/JPY Technical Analysis: Pound Dips to 7-Month Low

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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