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GBP/JPY Technical Analysis: Range Floor Support Holds Up

GBP/JPY Technical Analysis: Range Floor Support Holds Up

2015-01-12 21:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 179.38, 178.44, 176.90
  • Resistance: 180.70, 181.65, 183.18

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 14.6%Fibonacci expansion at 179.38 exposes the 23.6% level at 178.44. Alternatively a reversal above the 14.6% Fib retracement at 180.70clears the way for a challenge of the 23.6% threshold at 181.65.

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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GBP/JPY Technical Analysis: Range Floor Support Holds Up

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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