Prices put in a Shooting Star candlestick below resistance at a trend line set from early January, warning the British Pound is losing bullish momentum and may be preparing to turn lower against the Japanese Yen. A break below the 23.6% Fibonacci expansion at 169.28 initially targets the 38.2% level at 167.68. Alternatively, a push above trend line resistance (now at 171.48) targets the
Several back-to-back indecision candles reinforce the idea that previously established momentum has lost steam while flat-lining daily change readings warn a breakout may be near as volatility returns to more normal levels. Directional confirmation remains absent however and we will wait for a clear tipping of the scales to search out a trading opportunity.