Forex Analysis: GBP/JPY Classic Technical Report 01.23.2013

Prices are testing support at 140.35, the 23.6% Fibonacci retracement. A break below that aims for the 38.2% level at 137.60. Channel support-turned-resistance is at 142.77. A push above that exposes the January 14 high at 144.79.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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