The Japanese yen softened after dovish BoJ meeting minutes. On the daily chart, the pair is swinging in a flag consolidation. The uptrend is still intact and the bulls may see the choppy price action as an opportunity to accumulate in anticipation of bullish continuation. 163.00 on the lower band of the flag pattern is the closest support. A break above 165.10 would bring the pound to the upper band (165.90) where a breakout could resume the rally. A bearish breakout though might cause a sell-off below 161.80.
