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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 181.14, 179.94, 178.74
  • Resistance: 182.62, 185.01, 186.38

The British Pound pushed higher for a third consecutive day against the Japanese Yen, with prices on pace to clear a path toward the February swing top. Near-term resistance is at 182.62, the 76.4% Fibonacci retracement, with a break above that on a daily closing basis exposing the February 26 high at 185.01. Alternatively, a turn below the 61.8% Fib at 181.14 clears the way for a challenge of the 50% retracement at 179.94.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

GBP/JPY Technical Analysis: Rally Continues for Third Day

Daily Chart - Created Using FXCM Marketscope

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