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GBP/JPY Technical Analysis: Yen Ready to Launch Rebound?

GBP/JPY Technical Analysis: Yen Ready to Launch Rebound?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 181.92, 180.46, 178.07
  • Resistance: 183.22, 184.53, 186.65

The British Pound may be preparing to turn lower against the Japanese Yen following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below the 14.6% Fibonacci retracement at 171.92 exposes the 23.6% level at 180.46. Alternatively, a turn above the 14.6% Fib expansion at 183.22 opens the door for a test of the 23.6% threshold at 184.53.

Prices are wedged too closely between near-term support and resistance levels to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will continue to wait on the sidelines for an actionable opportunity to emerge.

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

GBP/JPY Technical Analysis: Yen Ready to Launch Rebound?

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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