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GBPJPY Classic Technical Report 08.22.2012

GBPJPY Classic Technical Report 08.22.2012

Ilya Spivak, Head Strategist, APAC

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.

GBPJPY_Classic_Technical_Report_08.22.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.22.2012

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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