Forex: GBP/JPY Technical Analysis – Topping Setup Still Valid?

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Talking Points

  • Prices declined as expected, completing an Evening Star candle pattern
  • Initial support is at 165.72 (23.6% Fib ret.); below that aims for 163.62 (38.2% Fib ret.)
  • Reversing above resistance at 169.26 (23.6% Fib exp.) targets 171.36 (38.2% Fib exp.)

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dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Topping Setup Still Valid?

Daily Chart - Created Using FXCM Marketscope 2.0

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

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