GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern, taking out initial support at 144.70 marked by the 14.6% Fibonacci expansion. Sellers are now challenging the 23.6% level at 142.69, with a drop below that aiming for the 38.2% Fib at 139.44. The 144.70 threshold has been recast as near-term resistance.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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