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GBP/JPY Technical Analysis: Rebound Hinted Above 175.00

GBP/JPY Technical Analysis: Rebound Hinted Above 175.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 177.53, 175.67, 174.26
  • Resistance: 178.61, 180.36, 181.78

The British Pound may be readying to turn higher against the Japanese Yen after completing a Bullish Engulfing candlestick pattern. Near-term resistance is at 178.61, the 23.6%Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 180.36. Alternatively a turn below the 14.6% retracement at 177.53opens the door for a test of the 38.2% Fib expansion at 175.67.

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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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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