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GBP/JPY Technical Analysis: Digesting Losses Above 185.00

GBP/JPY Technical Analysis: Digesting Losses Above 185.00

2014-12-15 01:06:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 184.58, 181.41, 178.85
  • Resistance: 188.32, 189.70, 191.45

The British Pound declined as expected against the Japanese Yen after putting in a bearish Evening Star candlestick pattern. Near-term support is at 184.58, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 181.41. Alternatively, a turn above channel floor support-turned-resistance at 188.32 clears the way for a challenge of the December 5 high at 189.70.

An actionable trade setup is absent for the time being. We will stand aside, waiting for the pair to produce a better-defined long or short trade opportunity.

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GBP/JPY Technical Analysis: Digesting Losses Above 185.00

Daily Chart - Created Using FXCM Marketscope

--- 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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