GBP/JPY Forming a Price Top

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gbpjpy daily chart 1/6

GBP/JPY has been sliding¬†since marking a 2014-high at 189.71. This week, it continues to slide, and is accelerating downwards, forming a price top. Let’s take a look at the charts.

GBP/JPY broke below a common support around 181 and therefore formed a price top. It is extending its medium-term bearish correction from the 2014-high, but when we look at the weekly chart, we can see a bullish trend in the long-term that is still intact. Watch out for support around 175 if price gets there. The bullish outlook from that support area will first be 181. A break above 181.50-60 area can bring the 2014-high at 189.71 back into play.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.