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GBPJPY Classic Technical Report 10.16.2012

GBPJPY Classic Technical Report 10.16.2012

Ilya Spivak, Head Strategist, APAC

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.

GBPJPY_Classic_Technical_Report_10.16.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.16.2012

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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