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Forex: GBP/JPY Technical Analysis – Resistance Seen Above 159.00

Forex: GBP/JPY Technical Analysis – Resistance Seen Above 159.00

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices bounced from support at 157.06 (trend line from Aug, 23.6% Fib ret.)
  • Breaking resistance at 159.44 (38.2% Fib expansion) exposes 160.90 (50% Fib exp.)
  • A reversal below 157.06 initially eyes 155.25 (38.2% Fib retracement)

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

dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Resistance Seen Above 159.00

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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