GBP/JPY Technical Analysis- Prices broke above resistance at 153.15, the 50% Fibonacci expansion, exposing the 61.8% level at 154.75. A break above that aims for the 76.4% Fib at 156.72. The 153.15 mark has been recast as near-term support, with a reversal back beneath that eyeing the April 30 low at 150.73.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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