GBPJPY Classic Technical Report 10.12.2012
Prices are bouncing from support at 124.98, the 38.2% Fibonacci retracement. Initial resistance lines up at 127.08, with a break above that targeting the underside of a formerly broken rising trend line set from early August (now at 127.90). Alternatively, a reversal below support targets the 50% retracement at 123.79.
Daily Chart - Created Using FXCM Marketscope 2.0
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