The British Pound turned lower against the Japanese Yen as expected, breaking support guiding the uptrend since mid-April. I entered short at 192.83, initially targeting 190.91. A stop-loss will be activated on a daily close above 194.33. I will take profit on half of the position and move the stop to the breakeven level (192.83) once the first objective is met.
Near-term support is at 190.91, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 187.85. Alternatively, a turn back above the 14.6% Fib at 192.80 opens the door for a challenge of 194.33 (range floor support-turned-resistance, trend line).
Near-term support is at 190.91, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 187.85. Alternatively, a turn back above the 14.6% Fib at 192.80 opens the door for a challenge of 194.33 (range floor support-turned-resistance, trend line).