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GBP/JPY Technical Analysis: Attempting to Force Reversal

GBP/JPY Technical Analysis: Attempting to Force Reversal

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 191.41, 189.45, 187.91
  • Resistance: 192.27, 194.58, 196.45

The British Pound managed to avert bearish reversal against the Japanese Yen but negative RSI divergence continues to warn of weakness ahead. A daily close below trend line support is at 191.41 exposes the 14.6% Fibonacci retracement at 189.45. Alternatively, a move above the 23.6% Fib expansion at 192.27 clears the way for a test of the 38.2% level at 194.58.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.