GBP/JPY Technical Analysis– Prices are consolidating above support is at 150.07, the 23.6% Fibonacci retracement. A Bearish Engulfing candlestick pattern continues to argue in favor of a downside scenario, with a drop beneath 150.07 eyeing the 38.2% level at 147.73. Alternatively, a reversal above falling trend line resistance at 153.77 and the April 11 high at 153.85 targets the 61.8% Fib expansion at 156.32 (not shown).
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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