GBP/JPY Technical Analysis: Top Hinted Below 185.00 Figure
To receive Ilya's analysis directly via email, please SIGN UP HERE
- GBP/JPY Technical Strategy: Flat
- Support: 181.92, 180.46, 178.07
- Resistance: 183.22, 184.53, 186.65
The British Pound may have set a top against the Japanese Yen after prices put in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 171.92, the 14.6% Fibonacci retracement, with a break below that exposing the 23.6% level at 180.46. Alternatively, a reversal above the 14.6% Fib expansion at 183.22 clears the way for a challenge of the 23.6% threshold at 184.53.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.