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GBP/JPY Technical Analysis 03.12.2013

GBP/JPY Technical Analysis 03.12.2013

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis- Prices are testing below support at 142.88, the 50% Fibonacci retracement, with a break lower exposing the 38.2% level at 141.69. Overall positioning may be carving out a Head and Shoulders top chart formation, but confirmation will be needed on close beneath the pattern’s neckline (now at 138.65) to validate the setup. Near-term resistance is at 144.08, the 61.8% Fib, with a reversal above that eyeing the 76.4% retracement at 145.56.

Forex_GBPJPY_Technical_Analysis_03.12.2013_body_Picture_5.png, GBP/JPY Technical Analysis 03.12.2013

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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