Forex: GBP/JPY Technical Analysis – Rising Trend Support at Risk

| 9 april, 2014 | 0 kommentarer

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 169.95 (trend line), 169.37 (38.2% Fib exp.)
  • Resistance:170.97 (23.6% Fib exp.), 173.13-56 (Mar 7 high, Apr 3 high)

The British Pound continued to push lower against the Japanese Yen, with prices now set to test major trend line support set from August 2013. A break below this barrier (now at 169.95) initially exposes the 38.2% Fibonacci expansion at 169.37. Alternatively, a reversal above the 23.6% level at 170.97 targets the 173.13-56 area, marked by the March 7 and April 3 swing highs.

Risk/reward considerations argue against entering short with prices trading in close proximity to relevant support. On the other hand, taking up the long side looks premature absent a defined bullish reversal signal. With that in mind, we will remain flat for now.

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

dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis  Rising Trend Support at Risk

Daily Chart – Created Using FXCM Marketscope 2.0

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

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 *