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GBP/JPY Classic Technical Report 07.05.2012

GBP/JPY Classic Technical Report 07.05.2012

Ilya Spivak, Head Strategist, APAC

Prices are showing a Bullish Engulfing candlestick pattern above the 23.6% Fibonacci expansion at 124.52. Near-term resistance lines up at 125.55, the 38.2% level, with a break above that targeting the 50% Fib at 126.39. Alternatively, a push through support exposes 123.58 as well as a rising trend line set from early June, now at 123.14.

GBPJPY_Classic_Technical_Report_07.05.2012_body_Picture_5.png, GBP/JPY Classic Technical Report 07.05.2012

4hr Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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