GBP/JPY Technical Analysis: Trying to Re-Launch Advance
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- 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.
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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.