Forex: GBP/JPY Technical Analysis – Resistance Now Above 171.00
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- Prices broke above 169.74 (23.6% Fib);negative RSI divergence warns of weakness
- A move back below 169.74 eyes the 165.86-166.57 area (recent swing highs)
- Resistance is now at 171.70 (38.2% Fib exp.); above that targets 173.29 (50% Fib)
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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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