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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 181.26, 179.46, 178.01
- Resistance: 182.36, 183.37, 184.16
The British Pound declined for a third consecutive day against the Japanese Yen after being rejected from trend line resistance capping gains since early December. A daily close below the 23.6% Fibonacci expansionat 181.26 exposes the 38.2% level at 179.46. Alternatively, a turn back above the 14.6% Fib at 182.36 opens the door for a test of trend line resistance at 183.37.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
