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GBP/JPY Technical Analysis: A Top in Place Below 173.00?

GBP/JPY Technical Analysis: A Top in Place Below 173.00?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 170.69, 169.33, 167.99
  • Resistance: 172.85, 174.34, 175.84

The British Pound may be readying to turn lower against the Japanese Yen after prices put in a Harami candlestick pattern. A daily close below the 170.69-99 area (August 8 low, 23.6% Fib) exposes the September 8 low at 169.33. Alternatively, a break above the 38.2% Fibonacci retracementat 172.85 opens the door for a test of the 173.83-174.34 zone (July 30 close, 50% level).

A Harami pattern is not a sufficiently actionable signal to enter short without further confirmation. We will remain on the sidelines for now, waiting for positioning to offer greater clarity before committing to a trade.

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GBP/JPY Technical Analysis: A Top in Place Below 173.00?

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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