The British Pound appears vulnerable to losses against the Japanese Yen after sellers overcame rising trend line support set from early February. Prices corrected upward from the 23.6% Fibonacci retracement at 171.27 to re-test the trend line (now at 172.55). A break above this boundary initially targets a horizontal barrier dating back to early March at 172.82. Alternatively, a reversal through support exposes the 38.2% level at 169.86.
We entered short GBPJPY at 172.26 and will continue to hold the position, aiming for 171.27 as an initial objective. A stop-loss will be activated on a daily close above 172.82. We will take profit on half of the trade at the first target and trail the stop-loss to the breakeven level.