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GBP/JPY Technical Analysis: Eyeing Resistance Above 186.00

GBP/JPY Technical Analysis: Eyeing Resistance Above 186.00

Ilya Spivak,

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Talking Points:

The British Pound is working on a third consecutive day on the upside against the Japanese Yen after putting in the largest daily advance in two months. Prices found support above the 180.00 figure after sliding to the lowest level in over four months.

Near-term resistance is in the 185.37-186.05 area, marked by the September 8 close and the 38.2% Fibonacci retracement, with a break above that on a daily closing basis opening the door for a test of the 50% level at 187.81. Alternatively, a move below resistance-turned-support at 183.88, the 23.6% Fib, clears the way for a challenge of the 14.6% retracement at 182.53.

An actionable trade setup is absent at this point. Prices are too close to resistance to justify entering long from a risk/ward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature thus far. We will stand aside for now, waiting for a more attractive opportunity to present itself.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.