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Forex Analysis: GBP/JPY Classic Technical Report 01.30.2013

Forex Analysis: GBP/JPY Classic Technical Report 01.30.2013

Ilya Spivak, Head Strategist, APAC

Prices put in a Bearish Engulfing pattern, hinting a move lower is ahead. The move downward may pave the way to the completion of a Head and Shoulders top. Confirmation of the setup requires a break below support at 139.13, the 23.6% Fibonacci retracement. Near-term resistance is at 144.79, the January 14 high.

Forex_Analysis_GBPJPY_Classic_Technical_Report_01.30.2013_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 01.30.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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