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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 184.58, 181.41, 178.85
- Resistance: 188.32, 189.70, 191.45
The British Pound declined as expected against the Japanese Yen after putting in a bearish Evening Star candlestick pattern. Near-term support is at 184.58, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 181.41. Alternatively, a turn above channel floor support-turned-resistance at 188.32 clears the way for a challenge of the December 5 high at 189.70.
An actionable trade setup is absent for the time being. We will stand aside, waiting for the pair to produce a better-defined long or short trade opportunity.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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