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Forex: GBP/JPY Technical Analysis – Ready to Target 176.00?

Forex: GBP/JPY Technical Analysis – Ready to Target 176.00?

2014-01-23 12:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices are pushing higher after forming a Piercing Line candle pattern
  • A narrow break of 173.08 (23.6% Fib exp.) has exposed 176.02 (38.2% Fib exp.)
  • Closing back below 173.08 sees the next layer of support at 171.27 (14.6% Fib exp.)

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

dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Ready to Target 176.00?

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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