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GBP/JPY Classic Technical Report 07.06.2012

GBP/JPY Classic Technical Report 07.06.2012

Ilya Spivak, Head Strategist, APAC

Prices took out support in the 124.31-52 area, marked by a horizontal barrier as well as the 23.6% Fibonacci expansion. Sellers now aim to challenge 123.58, followed by rising trend line set from early June now at 123.19.Alternatively, a push back above resistance exposes the 38.2% levelat 125.55.

GBPJPY_Classic_Technical_Report_07.06.2012_body_Picture_5.png, GBP/JPY Classic Technical Report 07.06.2012

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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