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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 182.24, 180.96, 178.80
  • Resistance: 184.03, 186.20, 189.70

The British Pound may be topping below the 185.00 figure against the Japanese Yen anew after forming a bearish Evening Star candlestick pattern. A daily close below rising trend line support at 182.24 exposes the 23.6% Fibonacci expansion at 180.96. Alternatively, a reversal above the 61.8% Fib retracement at 184.03 opens the door for a test of the 76.4% threshold at 186.20.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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: Top Set Above 185.00 Level?

Daily Chart - Created Using FXCM Marketscope

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