Forex Analysis: GBP/JPY Classic Technical Report 01.08.2013
Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Near-term support is at 138.60, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 136.13. Near-term resistance is at 142.60, the January 2 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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