GBP/JPY Technical Analysis- Prices continue to hover above support at 142.88, the 50% Fibonacci retracement. Overall positioning may be carving out a Head and Shoulders top chart formation, but confirmation will be needed on close beneath the pattern’s neckline (now at 138.58) to validate the setup. A break below support exposes the 38.2% level at 141.69. Alternatively, a push above resistance at 144.08 aims for the 76.4% Fib at 145.56.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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