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Euro Forecast: EUR/USD Price Outlook Still Positive, Reaching for 1.22
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  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/ttuTdWFDD5
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GBPJPY Classic Technical Report 10.09.2012

GBPJPY Classic Technical Report 10.09.2012

Ilya Spivak, Head Strategist, APAC

Prices snapped rising trend line set from early August as well as horizontal support at 125.63. Sellers now aim to challenge 124.01, a barrier reinforced by a larger rising trend line set from the June 1 low (now at 123.49). The 125.63 level has been recast as near-term resistance, with a break back above that targeting 126.27.

GBPJPY_Classic_Technical_Report_10.09.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.09.2012

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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