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GBP/JPY Technical Analysis: Prices Rejected at Channel Top

GBP/JPY Technical Analysis: Prices Rejected at Channel Top

Ilya Spivak, Head Strategist, APAC

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.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Prices Rejected at Channel Top

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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