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GBP/JPY Technical Analysis: Pound Finds Interim Support

GBP/JPY Technical Analysis: Pound Finds Interim Support

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 192.37, 190.78, 189.67
  • Resistance: 193.21, 194.58, 195.82

The British Pound launched a recovery after finding support above the 190.00 figure against the Japanese Yen. A daily close above the 23.6% Fibonacci expansion at 193.21 exposes the 38.2% level at 194.58. Alternatively, a move below the 14.6% expansion at 192.37 clears the way for a test of the 38.2% Fib retracement at 190.78.

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.

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

GBP/JPY Technical Analysis: Pound Finds Interim Support

--- 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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