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GBP/JPY Technical Analysis: Top Set Below 190.00 Figure?

GBP/JPY Technical Analysis: Top Set Below 190.00 Figure?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 187.80, 186.43, 184.22
  • Resistance: 189.70, 191.19, 192.81

The British Pound put in a Bearish Engulfing candlestick pattern, hinting a top against the Japanese Yen may be in place. Near-term support is at 187.80, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 186.43. Alternatively, a turn above the December 5 high at 189.70 opens the door for a challenge of the 38.2% Fib expansion at 191.19.

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

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GBP/JPY Technical Analysis: Top Set Below 190.00 Figure?

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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