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GBP/JPY Technical Analysis: Resistance Found Below 180.00

GBP/JPY Technical Analysis: Resistance Found Below 180.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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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GBP/JPY Technical Analysis: Resistance Found Below 180.00

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.

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