DailyFX.com -

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 172.44, 171.75, 170.90
  • Resistance: 173.13, 173.98, 174.50

The British Pound declined as expected against Japanese Yen after prices put in a bearish Evening Star candlestick pattern. Sellers are now aiming to test support at 172.44, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 171.75. Alternatively, a turn back above the 38.2% Fib at 173.13 opens the door for a challenge of 173.98, the 23.6% retracement.

The available trading range is too narrow to justify a trade on the long or short side. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.

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

GBP/JPY Technical Analysis: Drifting Sideways Above 172.00

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/JPY Technical Analysis: Short Trade Remains in Play

  2. Forex News

    Dollar Regains Control as Retail FX Traders Switch Direction

  3. Forex News

    Do the Hours I Trade Matter? Yes - Quite a Bit.

  4. Forex News

    GBP/JPY Technical Analysis: Slowly Inching Downward

  5. Forex News

    US Dollar May Break to Further Lows if it Fails at Key Support

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!