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

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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)

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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

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