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GBP/JPY Technical Analysis: Aiming Below 191.00 Figure
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Talking Points:
GBP/JPY Technical Strategy: Flat
Support: 190.20, 188.92, 187.63
Resistance: 191.79, 194.33, 195.87
The British Pound is aiming below the 191.00 figure against the Japanese Yen after narrowly edging below chart support. Near-term support is at 190.20, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 188.92. Alternatively, a turn back above 23.6% Fib at 191.79 opens the door for a challenge of the July 17 high at 194.33.
The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlook from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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