Forex: GBP/JPY Technical Analysis – Selloff Capped Above 155.00

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Talking Points

  • Prices completed a Head and Shoulders (H&S) top below 160.00 as expected
  • Sellers are testing support at 155.25 (38.2%); breaking lower aims for 153.78 (50% Fib)
  • Near-term resistance is at 157.06 (23.6% Fib); above that targets 158.23 (H&S neckline)

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dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Selloff Capped Above 155.00

Daily Chart - Created Using FXCM Marketscope 2.0

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

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