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GBP/JPY Technical Analysis: Ready to Push Above 190.00?

GBP/JPY Technical Analysis: Ready to Push Above 190.00?

Ilya Spivak,

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 188.27, 186.87, 185.74
  • Resistance: 190.53, 192.80, 194.20

The British Pound look poised to move above the 190.00 figure against the Japanese Yen after prices cleared the top of a consolidation range. A daily close above the 100% Fibonacci expansion at 190.53 exposes the 123.6% level at 192.80. Alternatively, a reversal back below the 76.4% Fib at 188.27 clears the way for a test of the 61.8% expansion at 186.87.

While entering long seems tempting, negative RSI divergence warns of ebbing upside momentum and hints a turn lower may be brewing ahead. With that in mind, we will continue to stand aside until greater positioning clarity emerges.

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