GBP/JPY Technical Analysis – Prices are stalling below resistance at the top of a Triangle chart pattern (153.18), a setup typically indicative of consolidation preceding trend continuation (which carries bullish implications in this case). A break higher initially targets the 38.2% Fibonacci expansion at 154.29. Near-term support is at 151.54, the 23.6%, with a move below that eyeing the Triangle bottom at 147.73.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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