Technical Analysis for GBPJPY: The British Pound snapped three days of losses against the Japanese Yen

The British Pound snapped three days of losses against the Japanese Yen, moving to retest the boundaries of the down trend since early December. Near-term trend line resistance is at 183.23, with a break above that on a daily closing basis exposing the 61.8% Fibonacci retracement at 184.27.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.