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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 193.21, 192.37, 191.00
- Resistance: 194.58, 195.82, 196.79
The British Pound continued to edge higher against the Japanese Yen, with prices now aiming above the 194.00 figure. Near-term resistance is at 194.58, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 195.69-82 area (50% level, June 18 high). Alternatively, a turn below the 23.6% Fib at 193.21 opens the door for a challenge of the 14.6% expansion at 192.37.
The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlook 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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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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