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GBP/JPY Technical Analysis: Bottom in Place Above 175.00?

GBP/JPY Technical Analysis: Bottom in Place Above 175.00?

2015-01-19 22:48:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 175.65, 174.41, 172.87
  • Resistance: 177.81, 179.06, 181.09

The British Pound may have set a bottom above the 175.00 figure against the Japanese Yen after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 177.81, the 14.6%Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 179.06. Alternatively a turn below the 50% Fib expansion at 175.65opens the door for a test of the 61.8% threshold at 174.41.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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GBP/JPY Technical Analysis: Bottom in Place Above 175.00?

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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