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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 178.03, 177.10, 176.17
- Resistance: 180.15, 181.08, 182.01
The British Pound remains locked in a choppy consolidation range around the 179.00 figure against the Japanese Yen. Near-term support is at 178.03, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 177.10. Alternatively, a reversal above the 38.2% Fib retracement at 180.15 clears the way for a challenge of the 50% threshold at 181.08.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
