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GBP/JPY Technical Analysis 04.29.2013

Ilya Spivak

GBP/JPY Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern below resistance at 153.85, the April 11 swing high, hinting a move lower is ahead. Near-term support is at 150.07, the 23.6% Fib retracement, with a drop beneath that eyeing the 38.2% level at 147.73. Alternatively, a break above that targets the 61.8% Fibonacci expansion at 156.32 (not shown).


Forex_GBPJPY_Technical_Analysis_04.29.2013_body_Picture_5.png, GBP/JPY Technical Analysis 04.29.2013

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


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