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

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  2. Forex News

    GBP/JPY Technical Analysis: Six-Week Resistance Under Fire

  3. Forex News

    Trading Video: NFPs, BoE and RBA Will Stir Volatility Even If Risk Trends Hold Steady

  4. Forex News

    GBP/JPY Technical Analysis: Aiming Above 194.00 Figure

  5. Forex News

    Global Economy, Central Banks Look for Further Improvement in GDP Data

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!