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. The pair has now slipped below the 38.2% Fibonacci expansion at 150.33 to challenge the channel bottom at 149.94, with a break below that eyeing the 50% level at 149.19. Alternatively, a move back above 150.33 eyes the 23.6% Fib at 151.75.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Finance Trading
- Technical Analysis