GBP/JPY Technical Analysis: Waiting for Direction Cues

By DailyFx | July 24, 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 declined as expected against Japanese Yen after prices put in a bearish Evening Star candlestick pattern. Sellers are now aiming to test support at 172.44, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 171.75. Alternatively, a turn back above the 38.2% Fib at 173.13 opens the door for a challenge of 173.98, the 23.6% retracement.

The available trading range is too narrow to justify a trade on the long or short side. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.

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

GBP/JPY Technical Analysis: Waiting for Direction Cues

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. Markets Brace for More Volatility on ECB TLTRO, Scotland Referendum
    Forex News

    Markets Brace for More Volatility on ECB TLTRO, Scotland Referendum

  2. USD/JPY unstoppable; 109.00 within reach
    Forex News

    USD/JPY unstoppable; 109.00 within reach

  3. British Pound: Scottish Vote is Close and FX Traders are Nervous
    Forex News

    British Pound: Scottish Vote is Close and FX Traders are Nervous

  4. EUR/USD on mend, but sky is still clouded
    Forex News

    EUR/USD on mend, but sky is still clouded

  5. Asia Recap: Focus shifted to Scottish vote
    Forex News

    Asia Recap: Focus shifted to Scottish vote

Trading Center