Forex: GBP/JPY Technical Analysis – Critical Support Near 157.00

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Talking Points

  • Prices are testing support in the 156.73-157.06 area (trend line from Aug, 23.6% Fib)
  • Break lower targets 155.25, the 38.2% Fibonacci retracement
  • Near-term resistance is in the 159.52-98 area, marked by recent swing highs

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dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Critical Support Near 157.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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