GBP/JPY Technical Analysis: Loss Consolidation Continues
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- GBP/JPY Technical Strategy: Flat
- Support: 178.85, 176.29, 173.12
- Resistance: 181.41, 184.58, 186.53
The British Pound continues to digest losses near the 179.00 figure after sinking to a two-month low against the Japanese Yen. A daily close below the 50%Fibonacci retracement at 178.85 exposes the 61.8% level at 176.29. Alternatively a reversal above the 38.2% retracement at 181.41clears the way for a challenge of the 23.6% retracement at 184.58.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com