GBP/JPY Technical Analysis 02.18.2013

DailyFX

GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 23.6% Fibonacci expansion at 143.77, with a break below that aiming for the 14.6% level at 142.02. Near-term resistance is at 146.54, the 38.2% Fib. A recovery above that aims for the 147.96-148.83 area.

View photo

.
Forex_GBPJPY_Technical_Analysis_02.15.2013_body_Picture_5.png, GBP/JPY Technical Analysis 02.18.2013

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments