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Forex: GBP/JPY Technical Analysis – Top in Place Below 175.00?

Forex: GBP/JPY Technical Analysis – Top in Place Below 175.00?

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A Bearish Engulfing candle pattern hints at a turn lower in the works
  • Clearing support at 172.17 (14.6% Fib exp.) exposes 170.53 (23.6% Fib)
  • Near-term resistance is at 174.83 (January 2 swing high)

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

dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Top in Place Below 175.00?

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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