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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 152.84) eyes the 23.6% Fib at 151.54.
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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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