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GBP/JPY Technical Analysis 02.22.2013

GBP/JPY Technical Analysis 02.22.2013

Ilya Spivak, Head Strategist, APAC

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.

Forex_GBPJPY_Technical_Analysis_02.22.2013_body_Picture_5.png, GBP/JPY Technical Analysis 02.22.2013

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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