Forex Analysis: GBP/JPY Classic Technical Report 12.17.2012

Prices gapped higher in the wake of Japan's general election and are now correcting lower, testing through the 61.8% Fibonacci expansion at 136.12 to target the 50% level at 135.26. A break below that exposes the 38.2% Fib at 134.42. Near-term resistance is at 137.19, the 76.4% expansion.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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