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GBP/JPY Technical Analysis: Waiting to Re-Enter Short

GBP/JPY Technical Analysis: Waiting to Re-Enter Short

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The British Pound narrowly set a monthly high against the Japanese Yen, with prices seemingly aiming to make a move toward the 193.00 figure. Near-term resistance is at 192.99 (channel top, 23.6% Fibonacci expansion), with a break above that on a daily closing basis exposing the 38.2% level at 195.48. Alternatively, a turn below the 14.6% Fib at 191.45 opens the door for a challenge of channel floor support at 190.76.

Our GBPJPY short position at 190.74 was stopped out on a daily close above 191.94. Negative RSI divergence continues to warn of ebbing upside momentum however, hinting a top may yet be taking shape. We will stand aside for now but continue monitoring positioning for a new selling opportunity.

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--- 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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