GBP/JPY Technical Analysis– Prices broke above resistance in the 151.20-56 area, marked by a former support level in play since late April and the 23.6% Fibonacci expansion.The bulls now aim to challenge the 38.2% level at 154.33. Alternatively, a move back beneath 151.20 eyes the 150.00 figure.
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.