Forex: GBP/JPY Technical Analysis – Topping Starts to Play Out
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- Prices turned lower as expected after showing a Bearish Engulfing candle pattern
- Breaking support at 170.53 (23.6% Fib ret.) exposes 167.87 (38.2% Fib ret.)
- Reversing above 172.17 (14.6% Fib ret.) targets 174.83 (Jan 2 swing high)
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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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