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GBPJPY Classic Technical Report 07.11.2012

GBPJPY Classic Technical Report 07.11.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing the 38.2% Fibonacci retracement at 123.12 after taking out rising trend line support set from early June. A break below this boundary exposes the 122.40-29 area. The trend line, now at 123.70, has been recast as near-term resistance. A break above that targets 124.38.

GBPJPY_Classic_Technical_Report_07.11.2012_body_Picture_5.png, GBPJPY Classic Technical Report 07.11.2012

8hr 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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