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Talking Points:
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GBP/JPY Technical Strategy: Flat
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Support: 170.69 169.33 167.99
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Resistance: 172.85 174.34 175.84
The British Pound is working on a third consecutive advance against the Japanese Yen after rebounding from familiar support above the 169.00 figure. A daily close above the 173.83-174.34 area marked by a horizontal pivot set from late July and the 50% Fibonacci retracement exposes the 175.35-84 zone (July 3 high 61.8% level). Alternatively a turn below the 170.69-99 (August 8 low 23.6% Fib) opens the door for a test of the September 8 low at 169.33.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
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