GBP/JPY Technical Analysis: Resistance Above 178.00 at Risk
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- GBP/JPY Technical Strategy: Flat
- Support: 177.71, 176.31, 174.59
- Resistance: 178.48, 179.73, 180.74
The British Pound may have set a bottom against the Japanese Yen after producing a bullish Morning Star candlestick pattern. Near-term resistance is at 178.48, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 179.73. Alternatively, a reversal below the 14.6% Fib at 177.71 clears the way for a challenge of triple bottom support at 176.31.
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.