GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers have now broken the 14.6% Fibonacci expansionat 142.02. Sellers now target the January 23 low at 139.24. The 142.02 mark has been recast as near-term resistance.A move back above that aims for the 23.6% expansion at 143.77.

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

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