GBPJPY Classic Technical Report 08.16.2012
Prices narrowly edged above resistance at 123.74, the 38.2% Fibonacci retracement. Buyers now aim to challenge a falling trend line set from the May 22 high (124.68), with a push above that exposing the 50% level at 125.28. The 123.74 level has been recast as near-term support. A push back below that targets 122.66.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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