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GBP/JPY Technical Analysis: Stalling Below 180.00 Figure

GBP/JPY Technical Analysis: Stalling Below 180.00 Figure

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 is struggling to maintain upward momentum against the Japanese Yen following the formation of a Bullish Engulfing candlestick pattern. A daily close above the 23.6%Fibonacci retracement at 178.61 exposes the 38.2% level at 180.36. Alternatively, a reversal below the 14.6% retracement at 177.53clears the way for a challenge of the 38.2% Fib expansion at 175.67

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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