GBP/JPY Technical Analysis– Prices launched higher out of consolidation to challenge the 50% Fibonacci retracement at 151.93. A break above that targets the 61.8% level at 153.07. Alternatively, a move back below the 38.2% Fib at 150.79 sees the next downside barrier at 149.37, the 23.6% retracement.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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