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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 192.99, 191.45, 188.96
- Resistance: 195.48, 197.50, 199.51
The British Pound is consolidating gains after rising to the highest level in seven years against the Japanese Yen. A daily close above the 38.2% Fibonacci expansion at 195.48 exposes the 50% level at 197.50. Alternatively, a reversal below the 23.6% Fib at 192.99 clears the way for a test of the 14.6% expansion at 191.45.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
