GBP/JPY Technical Analysis– Prices recovered above the 23.6% Fibonacci expansion at 149.58, exposing the 38.2% level at 151.53. A further break above that aims for the 50% mark at 153.11. Alternatively, a reversal back beneath 149.58 eyes the April 16 low at 146.41.
Daily Chart – Created Using FXCM Marketscope 2.0
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— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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