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GBP/JPY Technical Analysis: Waiting to Confirm a Top

GBP/JPY Technical Analysis: Waiting to Confirm a Top

2014-11-11 05:27:00
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.

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GBP/JPY Technical Analysis: Waiting to Confirm a Top

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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