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GBP/JPY Technical Analysis: Candle Setup Hints at Reversal

GBP/JPY Technical Analysis: Candle Setup Hints at Reversal

2013-06-24 10:37:00
Ilya Spivak, Head Strategist, APAC
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GBP/JPY Technical Analysis– Prices put in a Doji candlestick below resistance in the 151.20-56 area marked by a horizontal pivot in play since late April and the 23.6% Fibonacci expansion, hinting a pullback may be ahead. Near-term support is at 147.09, the June 13 swing low.Alternatively, a break above resistance targets the 38.2% level at 154.33.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Candle Setup Hints at Reversal

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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