(MENAFN- DailyFX) DailyFX.com - r>
To receive Ilya's analysis directly via email please SIGN UP HERE
Talking Points:
-
GBP/JPY Technical Strategy: Flat
-
Support: 171.87 171.15 170.56
-
Resistance: 173.02 174.20 175.35
The British Pound may be readying to turn lower anew against the Japanese Yen after prices put in a Bearish Engulfing candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 171.87 exposes the 38.2% level at 171.15. Alternatively a reversal above falling trend line resistance set from early July now at 173.02 clears the way for a challenge of the July 30 high at 174.20.
The available trading range is too narrow to justify taking a short or a long position at current levels from a risk/reward perspective. We will remain flat for now waiting for a more attractive 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
-- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.