GBPJPY Classic Technical Report 08.14.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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