GBP/JPY Technical Analysis: Rally Extends Past 183.00 Figure
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- 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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com