Forex Analysis: GBP/JPY Classic Technical Report 01.30.2013

Prices put in a Bearish Engulfing pattern, hinting a move lower is ahead. The move downward may pave the way to the completion of a Head and Shoulders top. Confirmation of the setup requires a break below support at 139.13, the 23.6% Fibonacci retracement. Near-term resistance is at 144.79, the January 14 high.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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