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GBP/JPY Technical Analysis 02.14.2013

GBP/JPY Technical Analysis 02.14.2013

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is at 144.70, the 14.6% Fibonacci expansion, with a break below that aiming for the 23.6% level at 142.69. Initial resistance is at 147.96, the February 7 high.

Forex_GBPJPY_Technical_Analysis_02.14.2013_body_Picture_5.png, GBP/JPY Technical Analysis 02.14.2013

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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