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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 172.85, 170.69, 169.33
- Resistance: 174.34, 175.84, 177.70
The British Pound renewed its push higher against the Japanese Yen after a brief pullback, rising to the highest level in two weeks. A daily close above the 50% Fibonacci retracement at 174.34 exposes the 61.8% level at 175.84. Alternatively, a reversal below the 38.2% Fib at 172.85 opens the door for a test of the 170.69-99 area marked by the August 8 low and the 23.6% retracement.
We entered short GBPJPY at 171.13 yesterday and the trade has been stopped out on a daily close above 172.99. We will move to the sidelines from here, waiting for another opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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