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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 192.37, 190.78, 189.67
- Resistance: 193.21, 194.58, 195.82
The British Pound launched a recovery after finding support above the 190.00 figure against the Japanese Yen. A daily close above the 23.6% Fibonacci expansion at 193.21 exposes the 38.2% level at 194.58. Alternatively, a move below the 14.6% expansion at 192.37 clears the way for a test of the 38.2% Fib retracement at 190.78.
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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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
