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Talking Points:

• GBP/JPY Technical Strategy: Flat

• Support: 190.84, 189.80, 187.88

• Resistance: 192.27, 194.58, 196.45

The British Pound continues to push higher against the Japanese Yen, hitting levels unseen since September 2008. A daily close above the 23.6% Fibonacci expansionat 192.27 exposes the 38.2% level at 194.58. Alternatively, a move below the 14.6% Fib at 190.84 clears the way for a test of resistance-turned-support at 189.80.

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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Daily Chart - Created Using FXCM Marketscope

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

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