GBP/JPY Technical Analysis: Dojis Warn of Downturn
GBP/JPY Technical Analysis– Prices put in back-to-back Doji candlesticks 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
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.