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GBP/JPY Technical Analysis: Pound Pushes to 6-Year High

GBP/JPY Technical Analysis: Pound Pushes to 6-Year High

2014-11-20 02:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 183.51, 181.08, 179.28
  • Resistance: 185.01, 187.44, 189.41

The British Pound advanced to a six-year high against the Japanese Yen but follow-through may prove lacking as negative RSI divergence hints at ebbing momentum. Near-term resistance is at 185.01, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 187.44. Alternatively, a reversal below the 14.6% Fib at 183.51 clears the way for a challenge of the November 17 low at 181.08.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis: Pound Pushes to 6-Year High

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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