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Forex Analysis: GBP/JPY Classic Technical Report 12.03.2012

Forex Analysis: GBP/JPY Classic Technical Report 12.03.2012

Ilya Spivak, Head Strategist, APAC

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.

Forex_Analysis_GBPJPY_Classic_Technical_Report_12.03.2012_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 12.03.2012

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

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