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Talking Points
- Prices reversed sharply higher, forming a bullish Piercing Line candle pattern
- Breaking above 171.27 (14.6% Fib exp.) exposes 173.08 (23.6% Fib exp.)
- Near-term support comes in at 168.78 (rising trend line)
Confirm your chart-based trade setups with the Technical Analyzer.
![dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Candles Argue for the Upside](http://media.dailyfx.com/illustrations/2014/01/17/dailyclassics_gbp-jpy_body_Picture_11.png)
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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