Prices are retesting the underside of a previously broken rising channel (143.76), with a break higher exposing the January 14 swing high at 144.79. Near-term support is at 139.71. A drop below that initially targets 137.34.

Forex_Analysis_GBPJPY_Classic_Technical_Report_01.25.2013_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 01.25.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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