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Forex: GBP/JPY Technical Analysis – 170.00 Figure Marks Reversal

Forex: GBP/JPY Technical Analysis – 170.00 Figure Marks Reversal

2013-12-12 04:50:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points

  • Prices turned lower as expected, forming a bearish Three Inside Down candle pattern
  • A break of trend line support (now at 168.00) targets 164.19 (23.6% Fib exp.)
  • Resistance is at 170.05, the December 10 swing high

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

dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – 170.00 Figure Marks Reversal

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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