Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 177.91, 176.23, 174.15
- Resistance: 179.58, 181.58, 183.91
The British Pound continues to push downward against the Japanese Yen having topped as expected after forming a Head and Shoulders chart pattern. Near-term support is at 177.91, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 176.23. Alternatively, a turn above the 38.2% Fib at 179.58 clears the way for a challenge of neckline support-turned-resistance at 181.58.
While entering short is compelling from a purely technical perspective, we will tactically opt against taking a position at this point. We already have significant British Pound exposure via EUR/GBP and GBP/USD and will withhold from further increasing concentration of GBP-linked risk.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.