GBP/JPY Technical Analysis– Prices moved lower as expected after putting in back-to-back Doji candlesticks below resistance in the 151.20-56 area but meaningful follow-through has failed to materialize. Near-term support remains at 147.66, a horizontal pivot in play since mid-February.Alternatively, a reversal above 151.56 aims for the 38.2% Fibonacci expansion at 154.33.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Finance Trading
- Technical Analysis