Yahoo Finance 
GBP/JPY Technical Analysis: Waiting for Follow-Through
DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
GBP/JPY Technical Strategy: Short at 192.83
Support: 190.91, 187.85, 185.37
Resistance: 192.80, 194.93, 195.87
The British Pound turned lower against the Japanese Yen as expected, breaking support guiding the uptrend since mid-April. Near-term support is at 190.91, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 187.85. Alternatively, a turn back above the 14.6% Fib at 192.80 opens the door for a challenge of support-turned-resistance at 194.33, a recently broken channel floor.
We sold GBPJPY at 192.83, initially targeting 190.91. A stop-loss will be activated on a daily close above 194.33. We will take profit on half of the position and move the stop to the breakeven level (192.83) once the first objective is met.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
