Forex Analysis: GBP/JPY Classic Technical Report 01.14.2013
Prices took out resistance at 144.03, the 38.2% Fibonacci expansion, exposing the 145.00 figure and the 50% level at 145.45. Negative RSI divergence warns of ebbing bullish momentum however, hinting a reversal lower may be ahead. A turn back below 144.03 targets the 23.6% Fib at 142.25.
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.