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GBP/JPY Technical Analysis: December Top Under Pressure

GBP/JPY Technical Analysis: December Top Under Pressure

Ilya Spivak, Head Strategist, APAC

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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 continues to push higher against the Japanese Yen, with prices moving to challenge December’s swing top. Near-term resistance is in the 189.70-190.53 area (December 5 high, 100% Fibonacci expansion), with a break above that on a daily closing basis exposing the 123.6% level at 192.80. Alternatively, a turn below the 76.4% Fib at 188.27 opens the door for a challenge of the 61.8% expansion at 186.87.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis: December Top Under Pressure

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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