News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
GBP/JPY Technical Analysis: Eyeing Resistance at June Highs

GBP/JPY Technical Analysis: Eyeing Resistance at June Highs

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 194.39, 193.47, 192.32
  • Resistance: 195.89, 197.10, 198.31

The British Pound looks set to challenge mid-June highs below the 196.00 figure after edging past another level of technical resistance. A daily close above the 195.82-89 area (June 18 high, 38.2% Fibonacci expansion) exposes the 50% level at 197.10. Alternatively, a turn back below the 23.6% Fib at 194.39 opens the door for a challenge of the 14.6% expansion at 193.47.

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.

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

GBP/JPY Technical Analysis: Eyeing Resistance at June Highs

--- 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.

DISCLOSURES