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GBP/JPY Technical Analysis: Dojis Mark Turn Lower

GBP/JPY Technical Analysis: Dojis Mark Turn Lower

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis– Prices moved lower as expected after putting 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.Near-term support is at 147.66, a horizontal pivot in play since mid-February. Alternatively, a reversal above 151.56 aims for the 38.2% Fib at 154.33.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Dojis Mark Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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