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GBP/JPY Technical Analysis: Familiar Resistance Tested Anew

GBP/JPY Technical Analysis: Familiar Resistance Tested Anew

2013-07-02 02:47:00
Ilya Spivak, Head Strategist, APAC
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GBP/JPY Technical Analysis– Prices continue to test resistance in the 151.20-56 area, marked by a former support level in play since late April and the 23.6% Fibonacci expansion.A break above this boundary exposes the 38.2% level at 154.33. Support is at 147.66, a former resistance level dating back to mid-February.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Familiar Resistance Tested Anew

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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