GBP/JPY Technical Analysis: Poised to Challenge 185.00

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 183.70, 182.92, 181.79
  • Resistance: 184.97, 186.00, 187.03

The British Pound is gearing up for a test of the 185.00 figure against the Japanese Yen after securing the third consecutive day on the upside. Near-term resistance is at 184.97, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 186.00. Alternatively, a reversal below the 23.6% Fib at 183.70 clears the way for a challenge of the 14.6% expansion at 182.92.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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GBP/JPY Technical Analysis: Poised to Challenge 185.00

Daily Chart – Created Using FXCM Marketscope

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

Source Article from http://www.dailyfx.com/forex/technical/home/analysis/gbp-jpy/2015/02/26/dailyclassics_gbp-jpy.html
GBP/JPY Technical Analysis: Poised to Challenge 185.00
http://www.dailyfx.com/forex/technical/home/analysis/gbp-jpy/2015/02/26/dailyclassics_gbp-jpy.html
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test of japanese – Yahoo News Search Results



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