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GBP/JPY Technical Analysis: Yen Drops to One-Month Low

GBP/JPY Technical Analysis: Yen Drops to One-Month Low

2015-02-09 03:45:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 180.18, 178.39, 177.28
  • Resistance: 181.64, 183.09, 184.88

The British Pound continued to push higher against the Japanese Yen, rising to the highest level in a month. A daily close above the 50% Fibonacci retracementat 181.64 exposes the 61.8% level at 183.09. Alternatively, a reversal below the 38.2% Fib at 180.18 opens the door for a test of the 23.6% retracement at 178.39.

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: Yen Drops to One-Month Low

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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