GBP/JPY Technical Analysis: Channel Bottom Retested

| 1 augusti, 2013 | 0 kommentarer

GBP/JPY Technical Analysis – Prices broke lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Prices are now re-testing above support-turned-resistance at the bottom of a channel set from mid-June, a barrier reinforced by the 38.2% Fibonacci retracement at 150.45. A break above that targets the 50% level at 151.14. Near-term support is at 148.24.

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dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Channel Bottom Retested

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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