GBPJPY Classic Technical Report 10.17.2012
Prices are testing above resistance at 127.08, a former support level reinforced by the top of a falling channel set from the September 19 swing high. A confirmed break higher targets the top of a larger rising channel, now at 129.74. Support is at 124.98, the 38.2% Fibonacci retracement. A drop below that targets the channel bottom at 124.35 and the 50% retracement at 123.79.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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