GBP/JPY Technical Analysis: Resistance Found Below 180.00
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- GBP/JPY Technical Strategy: Flat
- Support: 177.26, 176.01, 175.01
- Resistance: 178.03, 179.28, 180.56
The British Pound turned lower anew against the Japanese Yen, recoiling from resistance below the 180.00 figure. A daily close below the 23.6% Fibonacci expansion at 177.26 exposes the 176.01-31 area (38.2% level, triple bottom). Alternatively, a reversal above the 14.6% Fib at 178.03 opens the door for a test of the April 8 high at 179.28.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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