GBP/JPY Technical Analysis: Prices are too close to support to justify entering short from a risk/reward perspective - Flat

• GBP/JPY Technical Strategy: Flat
• Support: 172.39-64, 171.79, 170.64
• Resistance: 173.33, 174.01, 174.87

The British Pound pulled back after rebounding as expected against the Japanese Yen, testing the upswing’s guiding trend line. A daily close belowthe 172.39-64 area marked by a horizontal support shelf, a rising trend line and the 50% Fibonacci expansion exposes the 23.6% level at 171.79. Alternatively, a reversal above the 50% Fib at 173.33 clears the way for a challenge of the 61.8% expansion at 174.01.