GBP/JPY Technical Analysis 02.22.2013
GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers have now broken the 23.6% Fibonacci expansion at 143.77, exposing the 14.6% level at 142.02. A further push downward targets the January 23 low at 139.24. The 143.77 mark has been recast as near-term resistance. A move back above that aims for the 38.2% expansion at 146.54.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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