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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 182.28, 181.35, 180.53
  • Resistance: 184.03, 186.20, 189.70

The British Pound advanced to the highest level in eight weeks against the Japanese Yen, with buyers attempting to clear a path above 184.00. A daily close above the 61.8% Fibonacci retracementat 184.03 exposes the 76.4% level at 186.20. Alternatively, a reversal below the 50% Fib at 182.28 opens the door for a test of trend line resistance-turned-support at 181.35.

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: Pound Rises to 8-Week High

Daily Chart - Created Using FXCM Marketscope

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