British Pound/Japanese Yen in a transition.
The 1H chart is clearly showing that the market has been stuck between 165.500 and 166.750 for the past couple of days.
Today, the market is showing weakness at the London open, leading prices lower to test the 166.000 psychological level.
This has a higher chance of continuation towards the 165.500 psychological level, but we can also witness a consolidation around 166.000 before rotating to reach higher prices.
The 1H chart is clearly showing that the market has been stuck between 165.500 and 166.750 for the past couple of days.
Today, the market is showing weakness at the London open, leading prices lower to test the 166.000 psychological level.
This has a higher chance of continuation towards the 165.500 psychological level, but we can also witness a consolidation around 166.000 before rotating to reach higher prices.