GBP/JPY Technical Analysis– Prices moved lower as expected after putting in back-to-back Doji candlesticks below resistance in the 151.20-56 area, marked by a horizontal pivot in play since late April and the 23.6% Fibonacci expansion.Near-term support is at 147.66, a horizontal pivot in play since mid-February. Alternatively, a reversal above 151.56 aims for the 38.2% Fib at 154.33.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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