GBP/JPY Technical Analysis: Candle Setup Hints at Reversal
GBP/JPY Technical Analysis– Prices put in a Doji candlestick below resistance in the 151.20-56 area marked by a horizontal pivot in play since late April and the 23.6% Fibonacci expansion, hinting a pullback may be ahead. Near-term support is at 147.09, the June 13 swing low.Alternatively, a break above resistance targets the 38.2% level at 154.33.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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