GBP/JPY Technical Analysis: Rebound Stalls Below 174.00

By DailyFx | Updated July 31, 2014 AAA

DailyFX.com -

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.44, 172.59, 171.75
  • Resistance: 173.96, 174.82, 175.35-50

The British Pound moved lower against the Japanese Yen as expected after producing a bearish Evening Star candlestick pattern. A daily close below support at 173.44, the 14.6% Fibonacci expansion exposes the July 23 low at 173.59. Alternatively, a reversal above the 23.6% Fib at 173.96 clears the way for a test of 174.82, the 38.2% expansion.

Prices are wedged too closely between near-term support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.

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

GBP/JPY Technical Analysis: Rebound Stalls Below 174.00

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Forex News

    Japanese Yen Eyes Another Tough Quarter, Losses

  2. Forex News

    GBP/JPY Technical Analysis: Aiming Above 189.00 Figure?

  3. Forex News

    GBPJPY, GBPCAD - Breakouts Supported by Diverging Monetary Policy

  4. Forex News

    If it Ain’t Broke, Why Fix It? Japanese Yen Remains My Top Trade

  5. Forex News

    GBP/JPY Technical Analysis: Trying to Expose December Top

Trading Center