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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 176.17, 175.02, 173.16
- Resistance: 177.10, 178.03, 181.03
The British Pound is poised to test a key triple bottom near the 176.00 figure against the Japanese Yen. A daily close below the 176.17-31 area (triple bottom, 61.8% Fibonacci expansion) exposes the 76.4% level at 175.02. Alternatively, a turn above the 50% Fib at 177.10 opens the door for a test of the 38.2% expansion at 178.03.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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