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Forex: GBP/JPY Technical Analysis – Triangle Pattern Favors Gains

Forex: GBP/JPY Technical Analysis – Triangle Pattern Favors Gains

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis – Prices are stalling below resistance at the top of a Triangle chart pattern (153.18), a setup typically indicative of consolidation preceding trend continuation (which carries bullish implications in this case). A break higher initially targets the 38.2% Fibonacci expansion at 154.29. Near-term support is at 151.54, the 23.6%, with a move below that eyeing the Triangle bottom at 147.73.

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

dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Triangle Pattern Favors Gains

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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