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GBP/JPY Technical Analysis: Rally Extends Past 183.00 Figure

GBP/JPY Technical Analysis: Rally Extends Past 183.00 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 182.55, 180.69, 177.70
  • Resistance: 183.69, 185.54, 187.04

The British Pound resumed its push higher against the Japanese Yen, with buyers claiming a foothold above the 183.00 figure. Near-term resistance is at 183.69, the 123.6% Fibonacci extension, with a break above that on a daily closing basis exposing the 138.2% level at 185.54. Alternatively, a reversal below the 114.6% Fib at 182.clears the way for a challenge of resistance-turned-support at 180.69, the September 19 high.

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now until a more attractive opportunity presents itself.

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

GBP/JPY Technical Analysis: Rally Extends Past 183.00 Figure

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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