Prices are stalling below trend line set from early January, with a Shooting Star candlestick hinting the British Pound may be carving out a top against the Japanese Yen. A break below initial support is at 169.28, the 23.6% Fibonacci expansion, exposes the 38.2% level at 167.68. Alternatively, a push above the trend line (now at 171.56) targets the
Seven back-to-back indecision candles hint at ebbing bullish momentum but fall short of offering firm confirmation of reversal. Risk/reward considerations are also skewed against taking a trade with prices trading too close to relevant support. We will continue stand aside for now.