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GBP/JPY Technical Analysis: Candle Setup Hints at Bounce

GBP/JPY Technical Analysis: Candle Setup Hints at Bounce

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 178.44, 176.31, 174.80
  • Resistance: 180.47, 181.86, 182.98

The British Pound may be preparing to turn higher against the Japanese Yen after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci expansion at 180.47 exposes the 181.58-86 area (support-turned-resistance, 38.2% level). Alternatively, a push below rising trend line support at 178.44 opens the door for a test of triple bottom support at 176.31.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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!

GBP/JPY Technical Analysis: Candle Setup Hints at Bounce

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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