Keep An Eye On GBPJPY and it's MACD

The British Pound continued to edge higher against the Japanese Yen, with prices now aiming above the 194.00 figure. Near-term resistance is at 194.370, with a break above that on a daily closing basis exposing the 195.350.

Alternatively, a turn below the 23.6% Fib at 189.870 opens the door for a challenge of the 14.6% expansion at 188.000.

We would like to see the MACD start trending in a direction prior to initiating a position.