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GBP/JPY Technical Analysis: Eyeing Support Below 180.00

GBP/JPY Technical Analysis: Eyeing Support Below 180.00

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 179.58, 177.91, 176.23
  • Resistance: 181.46, 183.91, 185.01

The British Pound moved lower against the Japanese Yen as expected after completing a Head and Shoulders chart formation. A daily close below the 38.2% Fibonacci expansionat 179.58 exposes the 50% level at 177.91. Alternatively, a reversal above neckline support-turned-resistance at 181.46 opens the door for a test of the March 10 high at 183.91.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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.