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Forex: GBP/JPY Technical Analysis – Major Top Taking Shape?

Forex: GBP/JPY Technical Analysis – Major Top Taking Shape?

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices may be carving out a Head and Shoulders top below the 160.00 figure
  • Confirmation requires a close below 157.73 (H&S neckline, 23.6% Fib)
  • Break lower initially exposes 156.34 (38.2% Fib); Resistance is at 159.98 (Sep 19 high)

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

dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Major Top Taking Shape?

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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