GBPJPY Classic Technical Report 10.15.2012
Prices are bouncing from support at 124.98, the 38.2% Fibonacci retracement. Initial channel top resistance lines up at 126.56, with a break above that targeting 127.08. Alternatively, a reversal below support targets the channel bottom at 124.50 and the 50% retracement at 123.79.
Daily Chart - Created Using FXCM Marketscope 2.0
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