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GBP/JPY Technical Analysis: Weakness Signaled at Channel

GBP/JPY Technical Analysis: Weakness Signaled at Channel

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis – Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting at weakness ahead. Near-term support is at 151.52, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 150.10. Rising channel resistance is now at 154.10.Negative RSI divergence argues in favor of a downside scenario.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Weakness Signaled at Channel

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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