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To receive Ilyas analysis directly via email , please SIGN UP HERE Talking Points : GBP/JPY Technical Strategy: Flat Support: 169.28 ( 23.6 % Fib exp .) , 167.68 ( 38.2 % Fib exp .) Resistance : 171.11 ( trend line ), 1 71 . 87 ( Feb 18 high ) The British Pound continues to tread water against the Japanese Yen, with prices moving sideways below trend line resistance set from early January . A break below initial support is at 169.28, the 23.6% Fibonacci expansion, exposes the 38.2% level at 167.68. Alternatively, a push above the trend line (now at 171. 11 ) targets the February 18 high at 17 1 . 87 . A string of consecutive indecision candles and flat-lining daily change readings hint at ebbing bullish momentum but fall short of offering firm confirmation of reversal. Risk/reward considerations are also skewed against taking a trade with prices trading too close to relevant up- and down-side technical barriers . We will continue stand aside for now. Confirm your chart-based trade setups with the Technical Analyzer . New to FX? Start Here ! dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Treading Water Above 169.00 Daily Chart - Created Using FXCM Marketscope 2.0 --- Written by Ilya Spivak, Currency Strategist for DailyFX.com DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM . View comments
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