GBP/JPY Technical Analysis- Prices are testing below support at 142.88, the 50% Fibonacci retracement, with a break lower exposing the 38.2% level at 141.69. Overall positioning may be carving out a Head and Shoulders top chart formation, but confirmation will be needed on close beneath the pattern’s neckline (now at 138.65) to validate the setup. Near-term resistance is at 144.08, the 61.8% Fib, with a reversal above that eyeing the 76.4% retracement at 145.56.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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