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GBPJPY Classic Technical Report 08.28.2012

GBPJPY Classic Technical Report 08.28.2012

Ilya Spivak, Head Strategist, APAC

Prices took out support 124.39, the 38.2% Fibonacci retracement level, exposing the 23.6% level at 122.24. The 124.39 mark has been recast as resistance. A break back above that targets a falling trend line set from late March, now at 125.15.

GBPJPY_Classic_Technical_Report_08.28.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.28.2012

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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