GBP/JPY Technical Analysis: Prices Rejected at Channel Top
GBP/JPY Technical Analysis – Prices are turning lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern at the top of a rising channel set from mid-June. Initial support is at 151.75, the 23.6% Fibonacci expansion, with a break beneath that eyeing the 38.2% level at 150.34. Channel resistance is now at 154.19.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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