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GBP/JPY Technical Analysis 02.25.2013

GBP/JPY Technical Analysis 02.25.2013

2013-02-25 10:31:00
Ilya Spivak, Head Strategist, APAC
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GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers have now broken the 14.6% Fibonacci expansionat 142.02. Sellers now target the January 23 low at 139.24. The 142.02 mark has been recast as near-term resistance.A move back above that aims for the 23.6% expansion at 143.77.

Forex_GBPJPY_Technical_Analysis_02.25.2013_body_Picture_5.png, GBP/JPY Technical Analysis 02.25.2013

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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