GBP/JPY Technical Analysis: Digesting Losses Above 177.00
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- GBP/JPY Technical Strategy: Flat
- Support: 177.10, 176.17, 175.02
- Resistance: 178.03, 180.15, 181.08
The British Pound is digesting losses against the Japanese Yen but the March low continues to look exposed. Near-term support is at 177.10, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 176.17-31 area (triple bottom, 61.8% level). Alternatively, a reversal above the 38.2% Fib at 178.03 clears the way for a challenge of the 38.2% Fib retracement at 180.15.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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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.