Forex Analysis: GBP/JPY Classic Technical Report 01.14.2013

Prices took out resistance at 144.03, the 38.2% Fibonacci expansion, exposing the 145.00 figure and the 50% level at 145.45. Negative RSI divergence warns of ebbing bullish momentum however, hinting a reversal lower may be ahead. A turn back below 144.03 targets the 23.6% Fib at 142.25.

4hr Chart - Created Using FXCM Marketscope 2.0

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

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