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

    GBP/JPY Technical Analysis: Slowly Inching Downward

  2. Forex News

    US Dollar May Break to Further Lows if it Fails at Key Support

  3. Forex News

    Pound Sold vs Yen on Trend Line Break

  4. Forex News

    GBP/JPY Technical Analysis: Downturn Clues Re-Emerge

  5. Forex News

    Does the Dollar Break down Here or Resume its Larger Uptrend?

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!