GBP/JPY Technical Analysis– Prices broke below axis line support in play since February, a barrier reinforced by the 38.2% Fibonacci retracementat 149.53, to challenge the 50% level at 147.31. A further push below that targets the 61.8% Fib at 145.08. Alternatively, a move back above the trend line (149.90) aims for the 23.6% retracement at 152.30.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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