GBP/JPY Technical Analysis: Reversal Confirmation Sought
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- GBP/JPY Technical Strategy: Flat
- Support: 188.47, 187.03, 184.71
- Resistance: 190.84, 192.27, 194.58
The British Pound may be preparing to turn lower against the Japanese Yen as negative RSI divergence hints at ebbing upside momentum. A daily close below trend line support at 190.13 exposes the 14.6% Fibonacci retracement at 188.47. Alternatively, a push abovethe 14.6% Fibonacci expansion at 190.84 clears the way for a test of the 23.6% level at 192.27.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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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.