U.S. Markets closed

GBP/JPY Technical Analysis: Familiar Resistance Tested Anew

Ilya Spivak

GBP/JPY Technical Analysis– Prices continue to test resistance in the 151.20-56 area, marked by a former support level in play since late April and the 23.6% Fibonacci expansion.A break above this boundary exposes the 38.2% level at 154.33. Support is at 147.66, a former resistance level dating back to mid-February.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Familiar Resistance Tested Anew

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.