GBP/JPY Technical Analysis– Prices are recovering to challenge resistance is the 151.20-56 area marked by a horizontal pivot in play since late April and the 23.6% Fibonacci expansion A break above that targets the 38.2% level at 154.33. Near-term support is at 147.09, the June 13 swing low.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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