GBP/JPY Technical Analysis – Prices recovered above resistance at 150.05, the 38.2% Fibonacci retracement, exposing the 50% level at 150.81 as the next upside threshold. A push beyond that aims for the 61.8% Fib at 151.57. Alternatively, a move back below 150.05 eyes the 23.6% retracement at 149.11.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart – Created Using FXCM Marketscope 2.0
— 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