The British Pound may be gearing up to push higher against the Japanese Yen after prices narrowly closed above resistance at 170.64, the 61.8% Fibonacci retracement. The next important upside barrier from here is 172.24, marked by the 76.4% level and a falling trend line set from the
Prices closed just a hair above resistance, casting doubt over the validity of the upside break and subsequent follow-through. That warns against rushing to enter long. Furthermore, yesterday's candle has taken the form of a Shooting Star. This warns of a possible turn lower ahead, though confirmation required for an actionable short trade setup is absent. On balance, we will wait for greater clarity and remain flat for now.