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GBPJPY Classic Technical Report 10.02.2012

GBPJPY Classic Technical Report 10.02.2012

2012-10-02 09:47:00
Ilya Spivak, Head Strategist, APAC
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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.

GBPJPY_Classic_Technical_Report_10.02.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.02.2012

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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