GBP/JPY Technical Analysis: Weakness Signaled at Channel

| 25 juli, 2013 | 0 kommentarer

GBP/JPY Technical Analysis – Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting at weakness ahead. Near-term support is at 151.52, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 150.10. Rising channel resistance is now at 154.10.Negative RSI divergence argues in favor of a downside scenario.

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dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Weakness Signaled at Channel

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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