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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 180.96, 178.80, 177.05
- Resistance: 182.30, 183.35, 184.46
The British Pound is digesting losses against the Japanese Yen after dropping as expected having put in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci expansionat 180.96 exposes the 38.2% level at 178.80. Alternatively, a turn above the 14.6% Fib at 182.30 opens the door for a test of trend line support-turned-resistance at 183.35.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
