GBP/JPY Technical Analysis: Six-Day Win Streak Broken
To receive Ilya's analysis directly via email, please SIGN UP HERE
- GBP/JPY Technical Strategy: Flat
- Support: 186.87, 185.74, 184.60
- Resistance: 188.27, 190.53, 192.80
The British Pound paused to digest its advance against the Japanese Yen, snapping a six-day winning streak. Near-term resistance is at 188.27, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 190.53. Alternatively, a reversal below the 61.8% Fib at 186.87 clears the way for a challenge of the 50% expansion at 158.74.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.