Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/JPY Technical Analysis: Resistance Found Above 186.00

GBP/JPY Technical Analysis: Resistance Found Above 186.00

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 183.47, 181.84, 179.19
  • Resistance: 186.11, 187.44, 189.41

The British Pound retreated against the Japanese Yen after finding resistance above the 186.00 figure. Near-term support is in the 183.47-184.31 area, marked by the 14.6% Fibonacci retracement and the November 6 high, with a break below that on a daily closing basis exposing the 23.6% level at 181.84. Alternatively, a reversal above the November 20 high at 186.11 clears the way for a challenge of the 38.2% Fib expansion at 187.44.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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: Resistance Found Above 186.00

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.

DISCLOSURES