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GBP/JPY Technical Analysis 05.24.2013

GBP/JPY Technical Analysis 05.24.2013

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis- Prices are testing below support at 154.00, the 14.6% Fibonacci retracement, having completed a Bearish Engulfing candlestick pattern. A break downward on a daily closing basis initially exposes the 23.6% level at 152.30. Near-term resistance is at 156.77, the May 13 high, followed by the underside of a recently broken rising trend line now at 157.10.

Forex_GBPJPY_Technical_Analysis_05.24.2013_body_Picture_5.png, GBP/JPY Technical Analysis 05.24.2013

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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