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GBP/JPY Technical Analysis: Pound Pauses to Digest Losses

GBP/JPY Technical Analysis: Pound Pauses to Digest Losses

2015-05-06 01:46:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 180.96, 178.80, 177.05
  • Resistance: 182.30, 183.35, 184.46

The British Pound is digesting losses against the Japanese Yen after dropping as expected having put in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci expansionat 180.96 exposes the 38.2% level at 178.80. Alternatively, a turn above the 14.6% Fib at 182.30 opens the door for a test of trend line support-turned-resistance at 183.35.

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: Pound Pauses to Digest Losses

Daily Chart - Created Using FXCM Marketscope

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

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