GBP/JPY Technical Analysis: Channel Bottom Retested
GBP/JPY Technical Analysis – Prices broke lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Prices are now re-testing above support-turned-resistance at the bottom of a channel set from mid-June, a barrier reinforced by the 38.2% Fibonacci retracement at 150.45. A break above that targets the 50% level at 151.14. Near-term support is at 148.24.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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