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The British Pound snapped three days of losses against the Japanese Yen,
moving to retest the boundaries of the down trend since early December.
Near-term trend line resistance is at 183.23, with a break above that
on a daily closing basis exposing the 61.8% Fibonacci retracement at
184.27.
Resistance | Support |
---|---|
183.23 | 182.08 |
184.27 | 180.80 |
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.