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GBPJPY Classic Technical Report 08.06.2012

GBPJPY Classic Technical Report 08.06.2012

2012-08-06 09:09:00
Ilya Spivak, Head Strategist, APAC
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Prices are pulling back from falling trend line resistance to retest the 23.6% Fibonacci retracement at 122.24, with a break below that exposing the 14.6% level at 120.92. Alternatively, a push above the trend line (now at 123.29) targets the 38.2% retracement at 124.39.

GBPJPY_Classic_Technical_Report_08.06.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.06.2012

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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