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GBPJPY Classic Technical Report 08.27.2012

GBPJPY Classic Technical Report 08.27.2012

Ilya Spivak, Head Strategist, APAC

Prices are wedged between resistance at a falling trend line set from the March 21 high (125.19) and the 38.2% Fibonacci retracement level (124.39). A break below support exposes the 23.6% Fib at 122.24. Alternatively, a push through the trend line initially targets the 50% level at 126.22.

GBPJPY_Classic_Technical_Report_08.27.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.27.2012

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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