GBP/JPY Technical Analysis – Prices are testing resistance at the top of a Triangle chart pattern (153.00), a setup hinting at consolidation preceding bullish trend continuation. A break higher on a daily closing basis initially exposes the 38.2% Fibonacci expansion at 154.29. Near-term support is at 151.54, the 23.6% level, with a move below that eyeing the Triangle bottom at 147.78.

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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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