GBP/JPY Technical Analysis: Drifting Sideways Above 172.00

By DailyFx | Updated July 28, 2014 AAA

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

    Fed Fear Builds USD, Greece Unnerves the Euro but S&P Yet to Collapse

  2. Forex News

    GBP/JPY Technical Analysis: Sellers Aim at Key Triple Top

  3. Forex News

    Trading Video: EURUSD Breaks its Wedge as the S&P 500 Tumble Continues

  4. Forex News

    US Dollar Looks like a Sell versus Euro and Japanese Yen

  5. Forex News

    British Pound May Fall Further versus Yen

Trading Center