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GBP/JPY Technical Analysis: ¥141.50 Plays, Now What?

GBP/JPY Technical Analysis: ¥141.50 Plays, Now What?

2017-05-31 17:20:00
James Stanley, Strategist
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Talking Points:

In our last article, we looked at the bearish reversal in GBP/JPY as the pair scaled-lower using very similar levels of support that had previously functioned as resistance on the way-up. At the bottom of those potential support levels that we had looked at was a long-term Fibonacci level around 141.50, which is the 50% retracement of the ‘Brexit move’ in the pair, taking the June 2016 high down to the October low.

GBP/JPY Technical Analysis: ¥141.50 Plays, Now What?

Chart prepared by James Stanley

As bears drove price action through support levels at 143.50 and 142.50, little stood in the way of an eventual touch of 141.50. But since 141.50 has come into-play, bears have taken a back seat while buyers have re-driven price action towards prior swing-resistance at around 143.00. For those looking at bearish resumption, a more attractive area to sell-off of can be seen in the zone around 143.50.

GBP/JPY Technical Analysis: ¥141.50 Plays, Now What?

Chart prepared by James Stanley

For those looking at bullish strategies, using that 141.50 area as a reversal point for bullish exposure: Wait for price action to climb-above 143.50 as evidence that bulls may, in-fact, be able to continue driving-higher here. With prices already more than 100 pips off of that swing point at 141.50, bullish reversal strategies can be difficult to justify with so much room to the stop; and this bounce is far too immature to be looked at as anything other than corrective, at least until more information fills-in.

--- Written by James Stanley, Strategist for DailyFX.com

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