On Monday, the pound experienced a significant drop against the yen, reaching just below 173 yen. However, it has shown signs of recovery since then, suggesting that this market is still worth buying on dips. There are major support levels at 170 yen and 171.5 yen.
Currently, it seems we’re working towards building sufficient momentum to surpass the 175-yen barrier. Once achieved, this would open up more opportunities for buy and hold trading strategies.