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GBP/JPY Technical Analysis: Sellers Breach 174.00 Figure

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Talking Points:
– GBP/JPY Technical Strategy: Flat
– Support: 173.37, 172.01, 170.41
– Resistance: 175.35, 176.35, 177.39

The British Pound fell below the 174.00 level against the Japanese Yen, reaching a three-week low. If the price closes below the 61.8% Fibonacci retracement at 173.67, the next support levels are at 172.01 and 170.41. On the other hand, a reversal above the 175.01-35 zone, which includes the July 3 high and the 50% Fib, could lead to a challenge of the 38.2% expansion at 176.35.

Considering the risk/reward factors, it is not advisable to short the market when prices are close to support. However, without a clear bullish reversal signal, it is also premature to go long. Therefore, it is best to stay on the sidelines for now and wait for a more actionable opportunity.

For more technical levels, you can use our Support/Resistance Wizard app.

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

original source
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM.

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