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GBPJPY Classic Technical Report 08.14.2012

GBPJPY Classic Technical Report 08.14.2012

Ilya Spivak, Head Strategist, APAC

Prices remain wedged between horizontal support at 121.90 and a falling trend line set from the June 22 high (now at 122.78). A drop through support initially exposes the 38.2% Fibonacci expansion at 120.76. Alternatively, a push above resistance aims for Fib retracement levels at 123.74 and 125.28.

GBPJPY_Classic_Technical_Report_08.14.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.14.2012

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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