GBP/JPY Technical Analysis: Stalling at Trend Line Resistance
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- GBP/JPY Technical Strategy: Flat
- Support: 193.21, 192.37, 191.00
- Resistance: 193.58, 194.58, 195.82
The British Pound is trading water as prices test a barrier capping upside momentum since mid-June against the Japanese Yen. Near-term trend line resistance is at 193.58, with a break above that on a daily closing basis exposing the 38.2% Fibonacci expansion at 194.58. Alternatively, a move below the 23.6% Fib at 193.21 opens the door for a challenge of the 14.6% expansion at 192.37.
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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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com