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Talking Points

  • Bounce from rising trend line has exposed the 154.33-96 area (channel top, 38.2% Fib expansion)
  • Support seen in the 149.74-150.67 region (trend line set from mid-February, rising channel bottom)
  • Break under 149.74 eyes support at 147.69; Push above resistance targets 156.57 (50% Fib)

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

dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Channel Top Under Fire

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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