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- GBP/JPY Technical Strategy: Flat
- Support: 183.09, 181.64, 180.18
- Resistance: 184.88, 187.79, 189.70
The British Pound paused to digest gains after rising to the highest level in six weeksagainst the Japanese Yen. A daily close above the 76.4% Fibonacci retracementat 184.88exposes the December 29 high at 187.79. Alternatively, a reversal below the 61.8% Fib at 183.09 opens the door for a test of the 50% retracement at 181.64.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com