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GBP/JPY Technical Analysis: Top Set Above 185.00 Level?

GBP/JPY Technical Analysis: Top Set Above 185.00 Level?

2015-05-04 08:14:00
Ilya Spivak, Head Strategist, APAC
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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.

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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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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