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Talking Points:
- GBP/JPY Technical Strategy: Short at 192.83
- Support: 185.37, 182.89, 179.82
- Resistance: 187.85, 190.91, 192.80
The British Pound is attempting to correct higher after dropping to the lowest level in two months against the Japanese Yen. Near-term support is at 185.37, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 182.89. Alternatively, a turn back above 38.2% Fib at 187.85 opens the door for a challenge of the 23.6% retracement at 190.91.
We sold GBPJPY at 192.83 and have since taken profit on half of the trade. The remainder of the position will remain in play to capture any further on-coming weakness with a stop-loss adjusted to the breakeven level.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com