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GBP/JPY Technical Analysis: Topping Confirmation Pending

GBP/JPY Technical Analysis: Topping Confirmation Pending

2014-11-18 23:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 180.72, 178.28, 176.32
  • Resistance: 185.01, 187.44, 189.41

The British Pound may be preparing to turn lower against the Japanese Yen following the appearance of a bearish Dark Cloud Cover candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. A daily close below the 180.72-181.08 area marked by the November 10 low and the 23.6% Fibonacci exposes the 38.2% level at 178.28. Alternatively, a turn above the 23.6% Fib expansion at 185.01 opens the door for a test of the 38.2% threshold at 187.44.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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GBP/JPY Technical Analysis: Topping Confirmation Pending

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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