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GBP/JPY Technical Analysis 02.15.2013

Ilya Spivak

GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern, taking out initial support at 144.70 marked by the 14.6% Fibonacci expansion. Sellers are now challenging the 23.6% level at 142.69, with a drop below that aiming for the 38.2% Fib at 139.44. The 144.70 threshold has been recast as near-term resistance.

Forex_GBPJPY_Technical_Analysis_02.15.2013_body_Picture_5.png, GBP/JPY Technical Analysis 02.15.2013

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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