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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 177.43, 175.67, 174.26
- Resistance: 178.51, 180.36, 181.78
The British Pound faltered above the 180.00 figure after launching a rebound as expected against the Japanese Yen. Near-term support is at 117.43, the 23.6%Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 175.67. Alternatively a turn above the 14.6% Fib expansion at 178.51opens the door for a test of the 38.2% Fib retracement at 180.36.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
