GBP/JPY Technical Analysis: Familiar Resistance Holds Up
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- GBP/JPY Technical Strategy: Flat
- Support: 192.96, 191.32, 190.11
- Resistance: 194.94, 195.89, 197.10
The British Pound remains locked in consolidation mode above the 193.00 figure against the Japanese Yen. A daily close above trend line resistance at 194.94 exposes the 195.82-89 area (38.2% Fibonacci expansion, June 18 high). Alternatively, a turn below trend line support at 192.96clears the way for a test of the 38.2% Fib retracement at 191.32.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com