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GBP/JPY Technical Analysis: December Top in the Crosshairs

GBP/JPY Technical Analysis: December Top in the Crosshairs

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 186.72, 184.77, 181.41
  • Resistance: 189.89, 192.45, 195.01

The British Pound looks poised to make a move toward December’s swing high against the Japanese Yen. A daily close above the 38.2%Fibonacci expansionat 189.89 exposes the 50% level at 192.45. Alternatively a turn below the 23.6% expansion at 186.72opens the door for a test of the 14.6% Fib retracement at 184.77.

While entering long is tempting from a purely technical perspective, we will tactically opt to stand aside. We suspect a Yen recovery on the back of year-end capital flows may be ahead, warning against taking bets on the currency’s decline. As such, we will remain flat for now.

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

GBP/JPY Technical Analysis: December Top in the Crosshairs

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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