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GBP/JPY Technical Analysis:  Still Waiting for Direction Cues

GBP/JPY Technical Analysis: Still Waiting for Direction Cues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 193.21, 192.37, 191.00
  • Resistance: 193.53, 194.58, 195.82

The British Pound is testing resistance capping gains since mid-June having rallied to the highest level in a month against the Japanese Yen. A daily close above trend line resistance at 193.53 exposes the 38.2% Fibonacci expansion at 194.58. Alternatively, a reversal below the 23.6% Fib at 193.21 clears the way for a test of the 14.6% expansion at 192.37.

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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--- 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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