GBP/JPY Technical Analysis: Threatening Monthly Range
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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 is back to testing the floor of its long-standing range below the 180.00 figure against the Japanese Yen. A daily close below the 38.2%Fibonacci expansion at 175.67 exposes the 50% level at 174.26. Alternatively, a reversal above the 14.6% retracement at 177.53opens the door for a test of the 23.6% threshold at 178.61.
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