GBP/JPY Technical Analysis: Still Stalling Near 195.00 Mark
To receive Ilya's analysis directly via email, please SIGN UP HERE
- GBP/JPY Technical Strategy: Flat
- Support: 192.62, 191.32, 190.11
- Resistance: 194.86, 195.89, 197.10
The British Pound continues to oscillate in a choppy range below the 195.00 figure against the Japanese Yen. Near-term trend line resistance is at 194.86, with a break above that on a daily closing basis exposing the 195.82-89 area (38.2% Fibonacci expansion, June 18 high). Alternatively, a move below trend line support at 192.62clears the way for a test of the 38.2% Fib retracement at 191.32.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
--- 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.