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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 181.14, 179.94, 178.74
- Resistance: 182.62, 185.01, 186.38
The British Pound advanced to the highest level in six weeks against the Japanese Yen, with buyers now aiming above the 182.00 figure. A daily close above the 76.4% Fibonacci retracementat 182.62 exposes the February 26 high at 185.01. Alternatively, a reversal below the 61.8% Fib at 181.14 opens the door for a test of the 50% retracement at 179.94.
While entering long seems compelling, we will tactically opt to stand aside for now. The upcoming UK GDP data release represents significant event risk and we would prefer not to build on our existing Pound exposure (via EURGBP) before the outcome crosses the wires. In the meantime, we remain flat.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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