GBP/JPY Technical Analysis: Key Trend Line Caps Advance
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- GBP/JPY Technical Strategy: Flat
- Support: 182.36, 181.26, 179.46
- Resistance: 183.51, 184.88, 187.79
The British Pound recoiled from trend line resistance capping the currency against the Japanese Yen since early December. Near-term support is at 182.36, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 181.26. Alternatively, a reversal above trend line resistance at 183.51 clears the way for a challenge of the 76.4% Fib retracement at 184.88.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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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.