GBP/JPY Technical Analysis- Prices are inching lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at 153.85, the April 11 swing high. Near-term support is at 150.07, the 23.6% Fibonacci retracement, with a drop beneath that eyeing the 38.2% level at 147.73. Alternatively, a reversal above 153.85 targets the 61.8% Fib expansion at 156.32 (not shown).

Daily Chart - Created Using FXCM Marketscope 2.0

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

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