GBP/JPY Technical Analysis: Yen Drops to One-Month Low
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- 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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com