GBP/JPY Technical Analysis: Still Stuck in Choppy Range
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- GBP/JPY Technical Strategy: Flat
- Support: 178.03, 177.10, 176.17
- Resistance: 180.15, 181.08, 182.01
The British Pound continues to oscillate in a choppy range around the 179.00 figure against the Japanese Yen. A daily close below the 38.2% Fibonacci expansionat 178.03 exposes the 50% level at 177.10. Alternatively, a turn above the 38.2% Fib retracement at 180.15 opens the door for a test of the 50% threshold at 181.08.
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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com