GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are testing 38.2% Fibonacci retracement at 139.41, with a break lower targeting the 50% level at 136.78. Near-term resistance is at 143.83, a horizontal pivot level that has acted as both significant support and resistance mid-January.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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