GBP/JPY Technical Analysis– Prices are testing support at 142.78, the 38.2% Fibonacci retracement. A break below that aims for the 50% level at 141.84. Near-term resistance falling trend line resistance is at 143.67, with a reversal above that initially targeting the 23.6% retracement at 143.96.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed