GBP/JPY Technical Analysis: Digesting Losses Above 176.00
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- GBP/JPY Technical Strategy: Flat
- Support: 176.31, 175.50, 174.62
- Resistance: 177.71, 178.48, 179.73
The British Pound continues to digest losses at key triple bottom support above the 176.00 figure against the Japanese Yen. Near-term support is in the 176.31-60 area (triple bottom, 23.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 38.2% level at 175.50. Alternatively, a reversal above the 14.6% Fib retracement at 177.71 clears the way for a challenge of the 23.6% threshold at 178.48.
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