GBP/JPY Technical Analysis: Channel Bottom in Focus

Ilya Spivak


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.


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


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