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Talking Points:
- GBP/JPY Technical Strategy: Flat
- Support: 179.38, 178.44, 176.90
- Resistance: 180.70, 181.65, 183.18
The British Pound continues to digest losses near the 179.00 figure after sinking to a two-month low against the Japanese Yen. A daily close below the 14.6%Fibonacci expansion at 179.38 exposes the 23.6% level at 178.44. Alternatively a reversal above the 14.6% Fib retracement at 180.70clears the way for a challenge of the 23.6% threshold at 181.65.
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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