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GBP/JPY Technical Analysis: Support at 150.00 Gives Way

GBP/JPY Technical Analysis: Support at 150.00 Gives Way

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis– Prices are testing below axis line support at 149.70, a barrier reinforced by the 38.2% Fibonacci retracementat 149.53, to challenge the 50% level at 147.31. A break below that targets the 61.8% Fib at 145.08. Alternatively, a move back above 149.70 aims for the 23.6% retracement at 152.30.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Support at 150.00 Gives Way

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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