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GBP/JPY Technical Analysis: Waiting to Confirm Reversal

GBP/JPY Technical Analysis: Waiting to Confirm Reversal

2015-06-02 01:10:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 189.29, 187.79, 185.01
  • Resistance: 190.00, 191.36, 193.57

The British Pound may be preparing to turn lower against the Japanese Yen after prices put in a Harami candlestick pattern coupled with negative RSI divergence. A daily close below trend line support at 189.29 exposes the December 29 high at 187.79. Alternatively, a push abovethe 189.70-190.00 area (December 5 high, 14.6% Fibonacci expansion) clears the way for a test of the 23.6% level at 191.36.

Confirmation of downward reversal is lacking for now absent a clear-cut break of trend line support, warning against entering a short trade. With that in mind, we will continue to stand aside for now and wait for a more actionable setup to present itself.

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GBP/JPY Technical Analysis: Waiting to Confirm Reversal

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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