Forex Analysis: GBP/JPY Classic Technical Report 01.16.2013

Prices are turning lower as expected after putting in a Spinning Top candlestick coupled with negative RSI divergence below the 145.00 figure. Sellers are now probing through rising channel support at 141.37, with a break lower exposing the 137.85-139.37 area. Initial resistance is at 142.60. A turn above that eyes 144.79.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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