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GBP/JPY Technical Analysis: Trying to Clear Path Sub-192.00

GBP/JPY Technical Analysis: Trying to Clear Path Sub-192.00

2015-08-21 04:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 193.07, 191.32, 190.11
  • Resistance: 194.94, 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 support is at 193.07, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 191.32. Alternatively, a move above trend line resistance at 194.94clears the way for a test ofthe 195.82-89 area (38.2% Fib expansion, June 18 high).

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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GBP/JPY Technical Analysis: Trying to Clear Path Sub-192.00

--- 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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