GBP/JPY Technical Analysis: Aiming Above 192.00 Figure
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- GBP/JPY Technical Strategy: Flat
- Support: 190.84, 189.80, 187.88
- Resistance: 192.27, 194.58, 196.45
The British Pound edged higher to take aim above the 192.00 figure against the Japanese Yen but negative RSI divergence warns of fading upside momentum. Near-term resistance is at 192.27, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 194.58. Alternatively, a turn below the 14.6% Fib at 190.84 opens the door for a challenge of resistance-turned-support at 189.80.
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.