Forex Analysis: GBP/JPY Classic Technical Report 12.24.2012
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.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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