Talking Points: GBP/JPY Technical Strategy: Flat Support: 167.48 (Flag bottom), 164.23 (38.2% Fib ret.) Resistance: 168.28 (23.6% Fib ret.), 170.78 (14.6% Fib ret.) The British Pound continues to drift lower against the Yen , with prices tracing out what could ultimately prove to be a Flag chart pattern. If confirmed on a daily close above the setup's upper boundary (currently at 173.11), the setup would argue for bullish continuation. Entering long seems premature at the moment absent a clear-cut reversal signal however, particularly given last week's push through near-term support at 168.28 (23.6% Fibonacci retracement). We will stand aside for now as sellers test the Flag's lower boundary, waiting for a more concrete directional cues to emerge before considering a position.
Most Popular Stories
- Reid: Bundy Backers Are 'Domestic Terrorists'
- Twitter Offers App Install Ads
- Judge Tells Dad to Quit Emailing His Kids in All Caps
- Legalize Marijuana But Not Hard Drugs, Say Americans
- Michaels Data Breach May Affect 2.6 Million Cards
- Gabriel Garcia Marquez Dies at 87
- 'Boats 'N Hoes' PAC Sunk by Complaint
- Natural Gas Shoots Up on Bullish Stockpile Report
- Naya Rivera and Lea Michele: The 'Glee' Fight That Never Was?
- Chipotle Plans First Price Rise in 3 Years