DailyFX.com -

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 170.66, 169.55, 167.76
  • Resistance: 171.56, 172.10, 172.45

The British Pound moved lower against the Japanese Yen as expected after producing a bearish Evening Star candlestick pattern. A daily close below the 61.8% Fibonacci retracement at 170.66 exposes the 76.4% level at 169.55. Alternatively, a turn above the 50% Fib at 171.56 opens the door for a test of rising trend line support-turned-resistance at 172.10.

Risk/reward considerations argue against entering long with prices sitting squarely at resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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

GBP/JPY Technical Analysis: Support Found Below 171.00

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Forex Trader Sentiment Swings, Lifting US Dollar Outlook from ’Bearish’

  2. Forex News

    GBP/JPY Technical Analysis: Downturn Hinted at 190.00

  3. Forex News

    GBP/JPY Technical Analysis: Pound Moves to 7-Year High

  4. Forex News

    US Dollar Targets Fresh Highs versus Yen, Euro - Levels to Watch

  5. Forex News

    GBP/JPY Technical Analysis: Top Set Below 190.00 Figure?

Trading Center