Forex: GBP/JPY Technical Analysis – Triangle Break Opens Upside
GBP/JPY Technical Analysis – Prices pierced resistance at the top of a Triangle chart pattern, completing a setup indicative of bullish trend continuation. The bulls are now testing the 38.2% Fibonacci expansion at 154.29, with a break above that exposing the 50% level at 156.51. Alternatively, a move back below the Triangle top (now at 152.87) eyes the 23.6% Fib at 151.54.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.