GBP/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 23.6% Fibonacci expansion at 143.77, with a break below that aiming for the 14.6% level at 142.02. Near-term resistance is at 146.54, the 38.2% Fib. A recovery above that aims for the 147.96-148.83 area.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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