GBPJPY Classic Technical Report 10.02.2012
Prices put in a Bullish Engulfing candlestick pattern above support at 125.63, a horizontal barrier reinforced by a rising trend line set from early August. The setup hints an upswing is ahead. Initial resistance lines up at 127.08, with a break above that targeting the September 19 high at 128.82. Alternatively, a break below the trend line targets 124.01.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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