GBP/JPY Technical Analysis: Standstill Near 173.00 Persists

By DailyFx | Updated July 27, 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 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 reversal above the 38.2% Fib at 173.13 clears the way for a test of 173.98, the 23.6% retracement.

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: Standstill Near 173.00 Persists

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