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Forex: GBP/JPY Technical Analysis ? 168.00 Figure Under Fire

February 11, 2014

Ilya Spivak

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 166.45 (23.6% Fib ret.), 164.93 (trend line from Aug'13)
  • Resistance: 168.05 (38.2% Fib ret.), 169.35 (50% Fib ret.)

    The British Pound is attempting to prolong its push higher against the Japanese Yen, with prices probing above the 38.2% Fibonacci retracement at 168.05. A break higher above this barrier on a daily closing basis initially targets the 50% level at 169.35. Alternatively, a reversal below the 23.6% Fib at 166.45 exposes rising trend line support at 165.06.

    Entering long seems premature absent confirmation of an upside breakout but a short position appears likewise unattractive without a defined reversal signal. Furthermore, the Yen's sensitivity clouded risk appetite trends warn against taking directional bets on fundamental grounds. We will continue to stand aside for now.

    dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis - 168.00 Figure Under Fire

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    Source: DailyFx

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