GBP/JPY Technical Analysis: Waiting to Confirm a Top
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- 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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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com