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Forex pairs in this Article » GBP/JPY
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 166.17 (23.6% Fib ret.), 163.87 (Feb 4 low)
  • Resistance: 167.10-60 (channel bottom, 38.2% Fib ret.), 168.75 (50% Fib)
The British Pound continued to push higher against the Japanese Yen, breaking resistance at 166.17 marked by the 23.6% Fibonacci retracement to expose the underside of a falling channel set from mid-December (now at 167.10). This barrier is reinforced by the 38.2% level 167.60. Pushing above the latter level exposes the 50% Fib at 168.75. Alternatively, a reversal back below 166.17 targets the February 4 low at 163.87.

Risk/reward considerations argue against taking a trade at current levels with prices wedged tightly between relevant near-term support and resistance levels. We will opt to stand aside for now, waiting for the pair to yield a more attractive setup.

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dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Buyers Retake 166.00 FigureDaily Chart - Created Using FXCM Marketscope 2.0

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