DailyFX.com -

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 171.54, 170.97, 170.69
  • Resistance: 172.06, 172.91, 173.60
The British Pound may be gearing up for a corrective upswing against the Japanese Yen after prices completed a bullish Three Inside Up candlestick pattern. Near-term resistance is at 172.06, the 23.6% Fibonacci expansion, with a break above that on a daily closing exposing the 38.2% level at 172.91. Alternatively, a reversal below the 14.6% Fib at 171.54 targets rising trend line support set from mid-March, now at 170.97

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis: Candle Setup Hints at Bounce

Daily Chart - Created Using FXCM Marketscope 2.0


Filed Under:
Forex pairs in this Article » GBP/JPY

comments powered by Disqus
Trading Center