GBPJPY Classic Technical Report 07.25.2012
Prices broke through support at 122.34, the 23.6% Fibonacci expansion, as well as the bottom of a falling channel support set form the June 21 high. Sellers now aim to challenge the 38.2% Fib at 120.20. The channel bottom (now at 121.48) has been recast as near-term resistance, with a break above that exposing 122.34 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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 firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.