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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 175.07, 173.72, 172.97
- Resistance: 176.43, 178.11, 180.82
The British Pound moved aggressively higher, advancing to a six-year high against the Japanese Yen. A daily close above the 61.8% Fibonacci expansion at 176.43 exposes the 76.4% level at 178.11. Alternatively, a turn below the 175.07-35 area marked by the 50% Fib and the July 3 high clears the way for a challenge of the 38.2% expansion at 173.72.
Risk/reward considerations argue against entering long with prices sitting too close to resistance. Furthermore, the looming Scottish Independence referendum injects an uncomfortable degree of uncertainty into the outlook. We will remain flat for now.
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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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