GBP/JPY Technical Analysis – Support Above 171.00 Tested

By DailyFx | Updated July 30, 2014 AAA

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 171.03 (38.2% Fib exp.), 170.57 (50% Fib exp.)
  • Resistance: 171.60 (23.6% Fib exp.), 172.24 (trend line)

The British Pound reversed downward against the Japanese Yen, recoiling from trend line resistance originating in early March. A daily close below the 38.2% Fibonacci expansion at 171.03 targets the 50% level at 170.57. Alternatively, a reversal back above the 23.6% Fib at 171.60 opens the door for another test of the trend line, now at 172.24.

The available trading range is too narrow to justify a trade on the long or the short side from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more attractive opportunity to present itself.

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GBP/JPY Technical Analysis – Support Above 171.00 Tested

Daily Chart - Created Using FXCM Marketscope 2.0

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