GBPJPY Classic Technical Report 07.10.2012
Prices are testing rising trend line set from early June. A bounce sees initial resistance in the 124.31-52 area marked by a horizontal barrier as well as the 23.6% Fibonacci expansion. Alternatively, a break downward initially targets support at 122.40.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com