Forex Analysis: GBP/JPY Classic Technical Report 12.11.2012

DailyFX

Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 132.75, the March 30 close, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support is at 131.45, with a break below that aiming for a formerly broken channel top now at 130.74. Alternatively, a push above resistance initially targets 131.48.

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Forex_Analysis_GBPJPY_Classic_Technical_Report_12.11.2012_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 12.11.2012

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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