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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 177.28, 175.77, 173.76
- Resistance: 178.39, 180.18, 181.64
The British Pound remains locked in a familiar territory against the Japanese Yen but the outlines of a descending Triangle pattern hint at a downside bias. A daily close below the 14.6% Fibonacci retracementat 177.28 exposes Triangle support at 175.77. Alternatively, a reversal above 178.39, the intersection of Triangle top resistance and the 23.6% level, opens the door for a test of the 38.2% Fib at 180.18.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
