Forex Analysis: GBP/JPY Classic Technical Report 11.23.2012
Prices broke above the 50% Fibonacci expansion at 131.09, with buyers now challenging the 61.8% level at 132.39. A Spinning Top candlestick points to indecision and warns a pullback may be ahead. The 131.09 level has been recast as support. A drop back below that targets the 38.2% Fib at 129.80. Alternatively, a renewed push to the upside that clears resistance exposes the 76.4% Fib at 133.96.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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