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GBP/JPY Technical Analysis: Consolidation Continues at 150.00

Ilya Spivak

GBP/JPY Technical Analysis– Prices moved lower as expected after putting in back-to-back Doji candlesticks below resistance in the 151.20-56 area but meaningful follow-through has failed to materialize. Near-term support remains at 147.66, a horizontal pivot in play since mid-February.Alternatively, a reversal above 151.56 aims for the 38.2% Fibonacci expansion at 154.33.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Consolidation Continues at 150.00

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

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