GBP/JPY Technical Analysis: Channel Bottom in Focus

DailyFX

GBP/JPY Technical Analysis – Prices broke lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern at the top of a rising channel set from mid-June. Sellers are now testing support at 150.33, the 50% Fibonacci expansion, followed by the channel bottom at 149.86. A push below the latter level eyes the 50% expansion at 149.19.

Confirm your chart-based trade setups with the Technical Analyzer.

View photo

.
dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Channel Bottom in Focus

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 (0)