GBP/JPY Technical Analysis: Familiar Range Floor in Focus
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- GBP/JPY Technical Strategy: Flat
- Support: 175.67, 174.26, 172.84
- Resistance: 177.53, 178.61, 180.36
The British Pound continues to consolidate in a familiar range above the 175.00 figure against the Japanese Yen. Near-term support is at 175.67, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 174.26. Alternatively, a turn above the 14.6% Fib retracement at 177.53opens the door for a test of the 23.6% threshold at 178.61.
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