GBP/JPY Technical Analysis- Prices are testing below support at 154.00, the 14.6% Fibonacci retracement, having completed a Bearish Engulfing candlestick pattern. A break downward on a daily closing basis initially exposes the 23.6% level at 152.30. Near-term resistance is at 156.77, the May 13 high, followed by the underside of a recently broken rising trend line now at 157.10.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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