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GBP/JPY Technical Analysis: Support Holds Above 149.00

GBP/JPY Technical Analysis: Support Holds Above 149.00

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis– Prices took out support at 150.72, the 23.6% Fibonacci expansion, with sellers now challenging the 38.2% level at 149.30. A further break beneath that exposes the 50% Fib at 148.16. The 150.72 mark has been recast as near-term resistance, with a move back above that eyeing a recently broken rising trend line at 151.83.

dailyclassics_gbp-jpy_body_Picture_11.png, GBP/JPY Technical Analysis: Support Holds Above 149.00

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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