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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 177.26, 175.77, 174.87
  • Resistance: 178.74, 179.94, 181.14

The British Pound renewed its push higher against the Japanese Yen, moving to challenge monthly highs near the 179.00 figure. A daily close above the 38.2% Fibonacci retracement at 178.74 exposes the 50% level at 179.94. Alternatively, a reversal below the 23.6% Fib at 177.26 opens the door for a test of the 175.77-176.35 area (triple bottom, 14.6% retracement).

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis: Resistance Sub-179 in Focus

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com