GBP/JPY Technical Analysis – Weakness Hinted at Triangle Top

| 24 april, 2014 | 0 kommentarer

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 171.91 (23.6% Fib exp.), 171.37 (38.2% Fib exp.)
  • Resistance:172.66 (triangle top)

The British Pound may be readying to turn lower against the Japanese Yen after prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a Triangle setup carved out since the beginning of the year. Near-term support is at 171.91, the 23.6% Fibonacci expansion, with a break below that aiming for the 38.2% level at 171.37. Triangle resistance is now at 172.66.

Risk/reward considerations argue against taking a short position with prices trading in close proximity to relevant support. We will remain flat for the time being, waiting for a more attractive setup to present itself.

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

GBP/JPY Technical Analysis  Weakness Hinted at Triangle Top

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 *