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Talking Points:

• GBP/JPY Technical Strategy: Flat

• Support: 193.21, 192.37, 191.32

• Resistance: 194.58, 195.82, 196.79

The British Pound continues to oscillate in a choppy range below the 195.00 figure against the Japanese Yen. Near-term resistance is at 194.58, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 195.69-82 area (50% level, June 18 high). Alternatively, a move below the 23.6% Fib at 193.21clears the way for a test of the 14.6% expansion at 192.37.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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