GBP/JPY Technical Analysis: Digesting at Five Month High
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- GBP/JPY Technical Strategy: Flat
- Support: 186.87, 185.74, 184.60
- Resistance: 188.27, 190.53, 192.80
The British Pound continues to digest gains having advanced to a five-month high against the Japanese Yen. A daily close above the 76.4% Fibonacci expansionat 188.27 exposes the 100% level at 190.53. Alternatively, a turn below the 61.8% Fib at 186.87 opens the door for a test of the 50% expansion at 158.74.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com