GBP/JPY Technical Analysis – Prices pulled back after retesting support-turned-resistance at a rising trend line set from mid-June. Sellers are now poised to test support at 148.72, the 76.4% Fibonacci retracement, with a break beneath that eyeing the August 7 spike low at 147.58. Near-term resistance is at 149.47, the 61.8% level.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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