GBP/JPY Technical Analysis: Treading Water Above 193.00
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- GBP/JPY Technical Strategy: Flat
- Support: 193.21, 192.37, 191.32
- Resistance: 194.58, 195.82, 196.79
The British Pound remains locked in consolidation mode above the 193.00 figure against the Japanese Yen. A daily close above the 38.2% Fibonacci expansionat 194.58 exposes the 195.69-82 area (50% level, June 18 high). Alternatively, a turn below the 23.6% Fib at 193.21opens the door for a challenge 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.