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- GBP/JPY Technical Strategy: Flat
- Support: 171.47, 170.65-89, 170.17
- Resistance: 172.05, 172.52, 173.28
The British Pound turned lower anew against the Japanese Yen, overturning the rising trend carved out over the past three weeks. Near-term support is at 171.47, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 170.65-89 area marked by a rising trend line and the 61.8% level. Alternatively, a turn above the 38.2% Fib at 172.05 opens the door for a retest rising trend line support-turned-resistance at 172.52
The available trading range is too narrow to justify taking up a long or short position from a risk/reward perspective. With that in mind, we will continue to stand aside for the time being and wait for an actionable setup to present itself.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com