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
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