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Forex: GBP/JPY Technical Analysis 01.31.2013

Forex: GBP/JPY Technical Analysis 01.31.2013

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis - Prices are testing support-turned-resistance at a formerly broken rising trend line set from mid-November (145.05). A reversal downward from here 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. Alternatively, a push higher eyes resistance at 144.79, the January 14 high.

Forex_GBPJPY_Technical_Analysis_01.31.2013_body_Picture_1.png, Forex: GBP/JPY Technical Analysis 01.31.2013

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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British Pound Price Outlook: GBP/USD, GBP/JPY Poised to Extend Climb
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