Forex Analysis: GBP/JPY Classic Technical Report 12.27.2012

Prices are testing resistance at 138.75, the 23.6% Fibonacci expansion. A break higher targets the 38.2% level at 140.54. Near-term support is at 137.66, the 14.6% expansion, with a drop below that aiming for the December 21 low at 135.87.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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