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GBPJPY Classic Technical Report 08.17.2012

GBPJPY Classic Technical Report 08.17.2012

2012-08-17 10:25:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing above falling trend line resistance set from the May 22 high and aiming to challenge the 50% Fibonacci retracement at 125.28. A break above the latter boundary targets the 61.8% level at 126.81. Near-term support is at 123.74, the 38.2% Fib.

GBPJPY_Classic_Technical_Report_08.17.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.17.2012

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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