Forex: GBP/JPY Technical Analysis – Topping Setup Still Valid?
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- Prices declined as expected, completing an Evening Star candle pattern
- Initial support is at 165.72 (23.6% Fib ret.); below that aims for 163.62 (38.2% Fib ret.)
- Reversing above resistance at 169.26 (23.6% Fib exp.) targets 171.36 (38.2% Fib exp.)
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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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