GBP/JPY Technical Analysis– Prices are testing resistance at 151.49, the 138.2% Fibonacci expansion. A break above that initially eyes the 150% mark at 152.44. Near-term support is at 150.31, the 123.6% Fib, with a reversal back beneath that exposing 100% mark at 148.41.
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