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GBP/JPY Technical Analysis: Rally Pauses Above 182.00 Mark

GBP/JPY Technical Analysis: Rally Pauses Above 182.00 Mark

2014-11-05 02:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 180.69, 177.70, 175.84
  • Resistance: 182.55, 183.69, 185.54

The British Pound paused to digest gains against the Japanese Yen after hitting a four-year high in the wake of last week’s surprise BOJ stimulus expansion. A daily close above the 114.6% Fibonacci extensionat 182.55 exposes the 123.6% level at 183.69. Alternatively, a turn below resistance-turned-support at 180.69, the September 19 high, opens the door for a test of the 76.4% Fib retracement at 177.70

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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GBP/JPY Technical Analysis: Rally Pauses Above 182.00 Mark

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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