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GBP/JPY Technical Analysis: Axis Line Again in Focus

GBP/JPY Technical Analysis: Axis Line Again in Focus

2013-06-19 07:03:00
Ilya Spivak, Head Strategist, APAC
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GBP/JPY Technical Analysis– Prices broke below axis line support in play since February, a barrier reinforced by the 38.2% Fibonacci retracementat 149.53, to challenge the 50% level at 147.31. A further push below that targets the 61.8% Fib at 145.08. Alternatively, a move back above the trend line (150.01) aims for the 23.6% retracement at 152.30.

dailyclassics_gbp-jpy_body_Picture_11.png, GBP/JPY Technical Analysis: Axis Line Again in Focus

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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