(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: 172.85 170.69 169.33
-
Resistance: 174.34 175.84 177.70
The British Pound continues to push higher against the Japanese Yen with prices moving to challenge resistance above the 174.00 figure. Near-term resistance is at 174.34 the 50% Fibonacci retracement with a break above that on a daily closing basis exposing the 61.8% level at 175.84. Alternatively a turn below the 38.2% Fib at 172.85 clears the way for a challenge of the 170.69-99 area marked by the August 8 low and the 23.6% retracement.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.
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.