Forex: GBP/JPY Technical Analysis 01.31.2013
GBP/JPY Technical Analysis- Prices are testing support-turned-resistance at a formerly broken rising trend line set from mid-November (145.05). A reversal downward from here may pave the way to the completion of a Head and Shoulders top. Confirmation of the setup requires a break below support at 139.13, the 23.6% Fibonacci retracement. Alternatively, a push higher eyes resistance at 144.79, the January 14 high.
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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.