Prices are edging lower after putting in a bearish Dark Cloud Cover candlestick pattern. Initial support is at 136.07, the 14.6% Fibonacci retracement. A break below that targets the 23.6% level at 134.97. Near-term term resistance is at 137.85, the December 19 high.

Forex_Analysis_GBPJPY_Classic_Technical_Report_12.24.2012_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 12.24.2012

8hr Chart - Created Using FXCM Marketscope 2.0

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

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