Forex: GBP/JPY Technical Analysis – Resistance Now Above 171.00

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Talking Points

  • Prices broke above 169.74 (23.6% Fib);negative RSI divergence warns of weakness
  • A move back below 169.74 eyes the 165.86-166.57 area (recent swing highs)
  • Resistance is now at 171.70 (38.2% Fib exp.); above that targets 173.29 (50% Fib)

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dailyclassics_gbp-jpy_body_Picture_7.png, Forex: GBP/JPY Technical Analysis – Resistance Now Above 171.00

Daily Chart - Created Using FXCM Marketscope 2.0

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

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