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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 188.27, 186.87, 185.74
- Resistance: 190.53, 192.80, 194.20
The British Pound look poised to move above the 190.00 figure against the Japanese Yen after prices cleared the top of a consolidation range. A daily close above the 100% Fibonacci expansion at 190.53 exposes the 123.6% level at 192.80. Alternatively, a reversal back below the 76.4% Fib at 188.27 clears the way for a test of the 61.8% expansion at 186.87.
While entering long seems tempting, negative RSI divergence warns of ebbing upside momentum and hints a turn lower may be brewing ahead. With that in mind, we will continue to stand aside until greater positioning clarity emerges.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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