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GBP/JPY Technical Analysis: Poised to Challenge 185.00

GBP/JPY Technical Analysis: Poised to Challenge 185.00

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 183.70, 182.92, 181.79
  • Resistance: 184.97, 186.00, 187.03

The British Pound is gearing up for a test of the 185.00 figure against the Japanese Yen after securing the third consecutive day on the upside. Near-term resistance is at 184.97, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 186.00. Alternatively, a reversal below the 23.6% Fib at 183.70 clears the way for a challenge of the 14.6% expansion at 182.92.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

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