The British Pound is attempting to renew its push higher against the Japanese Yen after three days of consolidation. A close above resistance at 170.64, the 61.8% Fibonacci retracement, exposes the 76.4% level at 172.24. This barrier is reinforced by a falling trend line set from the
Entering long here looks premature absent confirmation of an upside breakout on a daily closing basis. On the other hand, fighting upside momentum by taking up the short side seems ill-advised absent a defined reversal signal. We will continue to stand aside for now.