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GBPJPY Classic Technical Report 07.26.2012

GBPJPY Classic Technical Report 07.26.2012

Ilya Spivak, Head Strategist, APAC

Prices continue to move lower after breaking 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 121.42) has been recast as near-term resistance, with a break above that exposing 122.34 anew.

GBPJPY_Classic_Technical_Report_07.26.2012_body_Picture_5.png, GBPJPY Classic Technical Report 07.26.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.