GBPJPY Classic Technical Report 09.26.2012
Prices are testing support at the bottom of a rising channel set from late July, a barrier reinforced by the 38.2% Fibonacci retracement at 125.76. A break below the latter level initially exposes the 50% Fib at 124.82. Near-term resistance is at 126.93, the 23.6 retracement, with a push back above that clearing the way for a challenge of the channel top (128.88).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.