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
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