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GBP/JPY Technical Analysis: Support Above 169.00 Holds Up

GBP/JPY Technical Analysis: Support Above 169.00 Holds Up

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 169.33, 167.99, 166.00
  • Resistance: 170.99, 172.85, 174.34

The British Pound managed to stave off a breakdown at familiar support above the 169.00 figure against the Japanese Yen. Near-term resistance is in the 170.69-99 area marked by the August 8 low and the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 172.85. Alternatively, a reversal below the September 8 low at 169.33 clears the way for a challenge of the October 15 low at 167.99.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

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GBP/JPY Technical Analysis: Support Above 169.00 Holds Up

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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