GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are testing 38.2% Fibonacci retracement at 139.41, with a break lower targeting the 50% level at 136.78. Near-term resistance is at 143.83, a horizontal pivot level that has acted as both significant support and resistance mid-January.
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