GBP/JPY Technical Analysis 03.14.2013

DailyFX

GBP/JPY Technical Analysis- Prices continue to hover above support at 142.88, the 50% Fibonacci retracement. 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 138.58) to validate the setup. A break below support exposes the 38.2% level at 141.69. Alternatively, a push above resistance at 144.08 aims for the 76.4% Fib at 145.56.

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Forex_GBPJPY_Technical_Analysis_03.14.2013_body_Picture_5.png, GBP/JPY Technical Analysis 03.14.2013

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

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