Forex Marketz Daily Forex News – Fully Markets Update
GBP/JPY (183.737)
- Resistance Levels: 184.98, 186, 187.04
- Support Levels: 183.69, 182.91, 181.80
- Trade Strategy: Stand Aside
The British Pound remains in its flat trading pattern just below the key pivot at ¥185 against the yen. Please see the below daily MT 4 chart.
Right now, near term resistance is at 184.98. A daily close above this level will challenge the next key pivot at ¥186. Should the GBP/JPY push lower we have support at 183.69. A break below this technical support level challenges the next technical support at 182.91
We are trading too close to a support level to justify, from a risk to reward perspective, a short trade. There are no clear cut bullish reversal signals to justify a long GBP trade. For now I am sitting on the sidelines watching for a stronger trade signal to develop.
