Forex: GBP/JPY Technical Analysis – Buyers Retake 166.00 Figure

| 7 februari, 2014 | 0 kommentarer

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 166.17 (23.6% Fib ret.), 163.87 (Feb 4 low)
  • Resistance: 167.10-60 (channel bottom, 38.2% Fib ret.), 168.75 (50% Fib)

The British Pound continued to push higher against the Japanese Yen, breaking resistance at 166.17 marked by the 23.6% Fibonacci retracement to expose the underside of a falling channel set from mid-December (now at 167.10). This barrier is reinforced by the 38.2% level 167.60. Pushing above the latter level exposes the 50% Fib at 168.75. Alternatively, a reversal back below 166.17 targets the February 4 low at 163.87.

Risk/reward considerations argue against taking a trade at current levels with prices wedged tightly between relevant near-term support and resistance levels. We will opt to stand aside for now, waiting for the pair to yield a more attractive setup.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis  Buyers Retake 166.00 Figure

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *