GBP/JPY Technical Analysis – Support Above 171.00 Tested

By DailyFx | June 11, 2014 AAA

DailyFX.com -

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

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.

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

GBP/JPY Technical Analysis – Support Above 171.00 Tested

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles
    Forex News

    USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles

  2. GBP/JPY Technical Analysis: Pound Jumps to 2-Week High
    Forex News

    GBP/JPY Technical Analysis: Pound Jumps to 2-Week High

  3. GBPJPY Long Scalps at Risk Ahead of UK GDP- 174 in View
    Forex News

    GBPJPY Long Scalps at Risk Ahead of UK GDP- 174 in View

  4. US Dollar Looks like an Attractive Buy versus Euro, Sterling, Yen
    Forex News

    US Dollar Looks like an Attractive Buy versus Euro, Sterling, Yen

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center