GBPJPY Classic Technical Report 10.16.2012
Prices are bouncing from support at 124.98, the 38.2% Fibonacci retracement to test above falling channel top resistance at 126.56. This barrier is reinforced by a horizontal boundary at 127.08, with a break above targeting swing highs at 127.80 and 128.82. Alternatively, a reversal below support targets the channel bottom at 124.41 and the 50% retracement at 123.79.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com