GBP/JPY Technical Analysis – Attempting to Renew Advance

By DailyFx | June 17, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 172.80 (61.8% Fib exp.), 172.45 (50% Fib exp.)
  • Resistance: 173.24 (76.4% Fib exp.), 173.95 (100% Fib exp.)

The British Pound continues to push higher against the Japanese Yen, rising to the highest level in six weeks. Near-term resistance is at 173.24, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 173.95. Support comes in at 172.80, the 61.8% Fib. A reversal back beneath that opens the door for a test of the 50% expansion at 172.45.

Prices are trading too close to resistance to justify a short position from a risk/reward perspective. On the other hand, the absence of a confirmed bearish reversal signal warns against taking up the short side. We will stand aside for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

GBP/JPY Technical Analysis – Attempting to Renew Advance

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD claws to 1.6100 ahead of Europe
    Forex News

    GBP/USD claws to 1.6100 ahead of Europe

  2. EUR/USD glued to 1.2755; triggers are wanted
    Forex News

    EUR/USD glued to 1.2755; triggers are wanted

  3. Asia recap: most majors are still sleeping in a ranges; JPY is weakening
    Forex News

    Asia recap: most majors are still sleeping in a ranges; JPY is weakening

  4. Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure
    Forex News

    Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure

  5. US Dollar Technical Analysis: Stalling at Channel Support
    Forex News

    US Dollar Technical Analysis: Stalling at Channel Support

Trading Center