GBP/JPY Technical Analysis: Trying to Re-Launch Advance
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: 183.45, 184.91, 187.30
The British Pound is attempting to overturn topping cues against the Japanese Yen marked the appearance of a Dark Cloud Cover candle pattern last week. Near-term resistance is at 183.45, the 14.6% Fibonacci expansion, with a daily close above that exposing the 184.31-91 area marked by the November 6 high and the 23.6% level. Alternatively, a reversal below the 14.6% Fib retracement at 181.92 clears the way for a challenge of the 23.6% threshold at 180.46.
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!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com