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GBP/JPY Technical Analysis: Channel Bottom Under Fire

Ilya Spivak

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.

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dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Channel Bottom Under Fire

Daily Chart - Created Using FXCM Marketscope 2.0

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

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