Forex: GBP/JPY Technical Analysis – Support Met Below 167.00

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Talking Points

  • A bearish Three Inside Down candle pattern with negative RSI divergence hints at losses
  • Breaking below 166.88 (23.6% Fib retracement) exposes 164.92 (38.2% Fib)
  • Resistance is in the 169.52-170.05 area (rising trend line, December 10 swing high)

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dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Support Met Below 167.00

Daily Chart - Created Using FXCM Marketscope 2.0

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

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