To receive Ilya's analysis directly via email, please SIGN UP HERE
- GBP/JPY Technical Strategy: Flat
- Support: 172.44, 171.75, 170.90
- Resistance: 173.13, 173.98, 174.50
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 172.44, the 50% Fibonacci retracement, exposes the 61.8% level at 171.75. Alternatively, a turn above the 38.2% Fib at 173.13 clears the way for a test of the 23.6% retracement at 173.98.
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!
Daily Chart - Created Using FXCM Marketscope 2.0