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GBP/JPY Technical Analysis: Pausing to Digest Advance

GBP/JPY Technical Analysis: Pausing to Digest Advance

2015-04-23 21:17:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 179.94, 178.74, 177.26
  • Resistance: 181.14, 182.62, 185.01

The British Pound paused to digest gains after moving swiftly higher following the release of April’s BOE meeting minutes, as expected. A daily close above the 61.8% Fibonacci retracementat 181.14 exposes the 76.4% level at 182.62. Alternatively, a reversal below the 50% Fib at 179.94 opens the door for a test of the 23.6% retracement at 177.26.

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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GBP/JPY Technical Analysis: Pausing to Digest Advance

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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