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GBPJPY Classic Technical Report 08.03.2012

GBPJPY Classic Technical Report 08.03.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support at 120.92, the 14.6% Fibonacci retracement, with a break lower exposing the June 1 low at 118.77. Near-term resistance lines up at 122.24, the 23.6% Fib, with a push above that targeting a falling trend line set from the June 22 high now at 123.35.

GBPJPY_Classic_Technical_Report_08.03.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.03.2012

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

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