GBPJPY Technical Analysis - the absence of a defined bearish reversal signal suggests take up the short side
4 May 2015, 09:11
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The British Pound paused to consolidate gains after rising to the highest level in nearly two months against the Japanese Yen. Near-term resistance is at 184.03, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 186.20.
| Resistance | Support |
|---|---|
| 184.03 | 182.28 |
| 186.20 | 180.53 |
| 189.70 | 178.37 |
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 an actionable opportunity to present itself.
