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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 177.53, 175.67, 174.26
- Resistance: 178.61, 180.36, 181.78
The British Pound is struggling to maintain upward momentum against the Japanese Yen following the formation of a Bullish Engulfing candlestick pattern. A daily close above the 23.6%Fibonacci retracement at 178.61 exposes the 38.2% level at 180.36. Alternatively, a reversal below the 14.6% retracement at 177.53clears the way for a challenge of the 38.2% Fib expansion at 175.67
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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