The British Pound rebounded against the Japanese Yen after turning downward as expected but gains appear to be corrective. Resistance is marked by a trend line cluster in the 171.70-172.23 area, with a break above that on a daily closing basis exposing a triple top at 172.82.Near-term support is at 169.86, the 38.2%Fibonacci retracement. A push below that opens the door for a challenge of the 50% Fib at 168.71.
We sold GBPJPY at 172.26 and took profit on half of the positionat 171.27. The series of lower highs and lower lows - the definition of a down trend - initiated from the