The British Pound remains in consolidation mode against the the Japanese Yen, with price action becoming increasingly narrow within the bounds of a large Triangle chart formation. Initial support is at 172.13, the 50% Fibonacci expansion. A daily close below this boundary exposes the intersection of the 38.2% level and the Triangle bottom at 171.49. Alternatively, a break above 172.76 - marked by the 61.8% Fib and the Triangle top - targets the 76.4% expansion at 173.55.
While a Triangle pattern implies uptrend continuation in this scenario, the pattern must be confirmed on a daily close above its upper boundary to be actionable. With that in mind, we will hold off on taking a trade for the time being and remain on the sidelines.