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GBP/JPY Technical Analysis: Sellers Breach 182.00 Figure

GBP/JPY Technical Analysis: Sellers Breach 182.00 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 181.26, 179.46, 178.01
  • Resistance: 182.36, 183.37, 184.16

The British Pound declined for a third consecutive day against the Japanese Yen after being rejected from trend line resistance capping gains since early December. A daily close below the 23.6% Fibonacci expansionat 181.26 exposes the 38.2% level at 179.46. Alternatively, a turn back above the 14.6% Fib at 182.36 opens the door for a test of trend line resistance at 183.37.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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