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Bank of Japan keeps policy unchanged, upgrades FY22 and FY23 inflation outlook to 1.1%

Forex: GBP/JPY Technical Analysis – Buyers Aiming Above 171.00

Forex: GBP/JPY Technical Analysis – Buyers Aiming Above 171.00

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices overturned a bearish Three Inside Down candle pattern, breaking the 170 figure
  • Resistance is now at 171.70 (38.2% Fib exp.); above that targets 173.29 (50% Fib)
  • Negative RSI divergence still warns of a turn lower ahead; support at 169.74 (23.6% Fib)

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

dailyclassics_gbp-jpy_body_Picture_5.png, Forex: GBP/JPY Technical Analysis – Buyers Aiming Above 171.00

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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