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GBP/JPY Technical Analysis 05.02.2013

GBP/JPY Technical Analysis 05.02.2013

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis- Prices are inching lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at 153.85, the April 11 swing high. Near-term support is at 150.07, the 23.6% Fibonacci retracement, with a drop beneath that eyeing the 38.2% level at 147.73. Alternatively, a reversal above 153.85 targets the 61.8% Fib expansion at 156.32 (not shown).

Forex_GBPJPY_Technical_Analysis_05.02.2013_body_Picture_5.png, GBP/JPY Technical Analysis 05.02.2013

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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