GBP/JPY Technical Analysis – Prices pulled back after retesting support-turned-resistance at a rising trend line set from mid-June. Sellers are now testing below the 50% Fibonacci expansion at 148.66, with a break below that targeting the 61.8% level at 147.97.Alternatively, a move back above 148.66 eyes the 38.2% and 23.6% expansions at 149.34 and 150.19 respectively.
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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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