Forex Analysis: GBP/JPY Classic Technical Report 12.03.2012
Prices continue to consolidate below resistance at 132.39, the 61.8% Fibonacci expansion. A Shooting Star candlestick and negative RSI divergence warn of ebbing bullish momentum and hint a reversal lower may be ahead. Initial support lines up at 131.09, the 50% level, with a drop below that targeting the 38.2% Fib at 129.80. Alternatively, a push through 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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