GBPJPY Classic Technical Report 07.12.2012
Prices are testing below the 38.2% Fibonacci retracement at 123.12 after recoiling on a retest of a rising trend set from early June. Sellers are now testing the 122.40-29 area, marked by a horizontal barrier and the 50% Fib. A break downward from here exposes the 61.8% level at 121.46. Near-term resistance remains at the trend line (now at 123.81) for the time being but would be shifted to 123.12 on a confirmed break below that level.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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