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- GBP/JPY Technical Strategy: Flat
- Support: 173.24, 172.80, 172.45
- Resistance: 173.95, 174.66, 175.10
The British Pound renewed its push higher against the Japanese Yen, issuing the strongest close since January. Near-term resistance is at 173.95, the 100% Fibonacci expansion, with a break above that on a daily closing basis exposing the 123.6% level at 174.66. Support comes in at 173.24, the 76.4% Fib. A reversal back beneath that opens the door for a test of the 61.8% expansion at 172.80
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.
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Daily Chart - Created Using FXCM Marketscope 2.0