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GBP/JPY Technical Analysis: December Top in the Crosshairs

GBP/JPY Technical Analysis: December Top in the Crosshairs

2014-12-24 04:26:00
Ilya Spivak, Sr. Currency Strategist
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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.

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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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