The British Pound is aiming to extend its advance against the Japanese Yen after prices cleared resistance marked by the 38.2% Fibonacci retracement at 168.05. Buyers now aim to challenge the 50% level at 169.35, with a push above that targeting the 61.8% Fib at 170.64. Alternatively, a turn back below 168.05 aims for the 23.6% retracement at 166.45.
The pair is trading too close to near-term resistance to make a long position viable from a risk/reward perspective. On the other hand, the short side lacks an actionable reversal signal. We will continue to stand aside for now.