GBPJPY Classic Technical Report 08.22.2012
Prices took out falling trend line resistance set from the May 22 high to test above the 50% Fibonacci retracement at 125.28. A confirmed break higher targets the 61.8% level at 126.81. Trend line support is now at 124.56, with a push back below that exposing the 38.2% Fibat 123.74.
Daily Chart - Created Using FXCM Marketscope 2.0
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