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GBP/JPY Technical Analysis: Topping Below 191.00 Figure?

GBP/JPY Technical Analysis: Topping Below 191.00 Figure?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 189.72, 188.39, 186.97
  • Resistance: 190.84, 192.27, 194.58

The British Pound continues to tread water below the 191.00 figure against the Japanese Yen, with negative RSI divergence still warning of ebbing upside momentum. Near-term trend line support is at 189.72, with a break below that on a daily closing basis exposing the 14.6% Fibonacci retracement at 188.39. Alternatively, a move abovethe 14.6% Fib expansion at 190.84 opens the door for a challenge of the 23.6% level at 192.27.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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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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