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Forex: GBP/JPY Technical Analysis – Key Resistance Below 160.00

Forex: GBP/JPY Technical Analysis – Key Resistance Below 160.00

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices are consolidating above support at 157.94 (trend line from August)
  • A break lower initially targets 157.06 (23.6% Fib retracement)
  • Resistance at 159.44 (38.2% Fib exp.); above that eyes 160.90 (50% Fib exp.)

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

dailyclassics_gbp-jpy_body_gbpjpy.png, Forex: GBP/JPY Technical Analysis – Key Resistance Below 160.00

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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