GBP/JPY Technical Analysis: Treading Water Above 179.00
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- GBP/JPY Technical Strategy: Flat
- Support: 179.38, 178.44, 176.90
- Resistance: 180.70, 181.65, 183.18
The British Pound continues to consolidate losses above the 179.00 figure against the Japanese Yen after sinking to a two-month low. Near-term support is at 179.38, the 14.6%Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 178.44. Alternatively a turn above the 14.6% Fib retracement at 180.70opens the door for a test of the 23.6% threshold at 181.65.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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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.