Forex Analysis: GBP/JPY Classic Technical Report 12.31.2012
Prices broke resistance at 138.75, the 23.6% Fibonacci expansion, exposing the 38.2% level at 140.54. A further push higher above that eyes the 50% Fib at 142.00. The 138.75 mark has been recast as near-term support. A reversal back below that aims for the 14.6% expansionat 137.66.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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