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Forex: GBP/JPY Technical Analysis – Topping Starts to Play Out

Forex: GBP/JPY Technical Analysis – Topping Starts to Play Out

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • 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)

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

dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Topping Starts to Play Out

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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