The British Pound may be readying to turn lower against the Japanese Yen after prices put in a Shooting Star candle below a falling trend line set from early January. Near-term support is at 169.28, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 167.68. Alternatively, a reversal above the trend line (now at 171.74) eyes the
The Shooting Star candle is a sign of indecision and further confirmation is needed to produce an actionable reversal signal. Furthermore, the pair is too close to relevant support to justify a short trade from a risk/reward perspective. We will stand aside for now.