Forex Analysis: GBP/JPY Classic Technical Report 01.11.2013
Prices put in a Bearish Engulfing candlestick pattern below resistance at 144.01, hinting a move lower is ahead. Initial support lines up at 142.26, the 23.6% Fib. Alternatively, a reversal above resistance aims for the 50% level at 145.44.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.