GBP/JPY Technical Analysis – Prices are testing above support-turned-resistance at the bottom of a channel set from mid-June, a barrier reinforced by the 38.2% Fibonacci retracement (150.45), to challenge the 50% level at 151.14. A break above that exposes the 61.8% Fib at 151.82. Near-term support is at 148.24, the August 1 low.

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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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