Forex Analysis: GBP/JPY Classic Technical Report 12.06.2012

Prices broke above resistance at 132.39, the 61.8% Fibonacci expansion, exposing the 76.4% level at 133.96. Negative RSI divergence warns of ebbing bullish momentum however and hints a turn lower may be brewing. The 132.39 level has been recast as support, with a drop back below that targeting the 50% level at 131.09.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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