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GBPJPY Classic Technical Report 07.17.2012

GBPJPY Classic Technical Report 07.17.2012

Ilya Spivak, Head Strategist, APAC

Prices took out the top of a falling channel carved out over the past two weeks to challenge resistance at 123.78. A break above this boundary initially exposes 124.38. Channel resistance-turned-support is now at 123.18, with a breach back below that targeting 122.79.

GBPJPY_Classic_Technical_Report_07.17.2012_body_Picture_5.png, GBPJPY Classic Technical Report 07.17.2012

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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