Forex Marketz Daily Forex News – Fully Markets Update
The British Pound has accelerated its decline against the Japanese Yen. So far today, we have seen the biggest selloff in over a month. Right now support is lining up at the ¥175 pivot with a daily close below this technical level challenging a key pivot at ¥174. Should the GBP/JPY reverse course and move higher, then we have a congestion area running from 176.02 to 176.30. A break above this level challenges the technical resistance found at 177.25.
Right now price action is in a narrow range and not showing a clear directional bias. My trading strategy is to stand aside and watch the charts for a more actionable long or short GBP trade to emerge.