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GBPJPY Classic Technical Report 08.15.2012

GBPJPY Classic Technical Report 08.15.2012

Ilya Spivak, Head Strategist, APAC

Prices broke through a falling trend line set from the June 22 high to challenge resistance at 123.74, the 38.2% Fibonacci retracement. A push above this barrier exposes the 50% level at 125.28. The trend line, now at 122.71, has been recast as near-term support. A push back below that targets 122.04.

GBPJPY_Classic_Technical_Report_08.15.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.15.2012

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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