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GBP/JPY Technical Analysis 02.26.2013

GBP/JPY Technical Analysis 02.26.2013

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are testing 38.2% Fibonacci retracement at 139.41, with a break lower targeting the 50% level at 136.78. Near-term resistance is at 143.83, a horizontal pivot level that has acted as both significant support and resistance mid-January.

Forex_GBPJPY_Technical_Analysis_02.26.2013_body_Picture_5.png, GBP/JPY Technical Analysis 02.26.2013

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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