GBP/JPY Technical Analysis: Eyeing Resistance Above 177.00
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- GBP/JPY Technical Strategy: Flat
- Support: 175.77, 175.01, 174.00
- Resistance: 177.26, 178.03, 179.28
The British Pound is edging higher against the Japanese Yen having held support above the 175.00 figure once again. A daily close above the 23.6% Fibonacci expansion at 177.26 exposes the 14.6% level at 178.03. Alternatively, a reversal below the 175.77-176.01 area (triple bottom, 38.2% Fib) opens the door for a test of the 50% expansion at 175.01.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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