GBP/JPY Technical Analysis: Buyers Target July Swing High

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.72, 172.04, 170.41
  • Resistance: 175.35, 176.43, 178.11

The British Pound pushed higher for a third consecutive day against the Japanese Yen, closing at the strongest level in two months. A daily close above the 175.07-35 area marked by the 50% Fibonacci expansion and the July 3 high exposes the 61.8% level at 176.43. Alternatively, a turn below the 38.2% Fib at 173.72 clears the way for a challenge of the 23.6% expansion at 172.04.

While entering long is tempting from a technical perspective, next week’s looming Scottish Independence referendum injects an uncomfortable degree of event risk for a long Pound position. With that in mind, we will remain flat for the time being.

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GBP/JPY Technical Analysis: Buyers Target July Swing High

Daily Chart – Created Using FXCM Marketscope 2.0

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

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