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GBPJPY Classic Technical Report 07.27.2012

GBPJPY Classic Technical Report 07.27.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing resistance at the top of a falling channel set from late June, with a break higher exposing the 38.2% Fibonacci retracement at 124.39. Near-term support is at 122.24, the 23.6% Fib, with a break lower beyond that targeting the 14.6% level at 120.92.

GBPJPY_Classic_Technical_Report_07.27.2012_body_Picture_5.png, GBPJPY Classic Technical Report 07.27.2012

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.