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GBPJPY Classic Technical Report 10.18.2012

GBPJPY Classic Technical Report 10.18.2012

Ilya Spivak, Head Strategist, APAC

Prices took out resistance at 127.08, a former support level reinforced by the top of a falling channel set from the September 19 swing high. From here the bulls aim to target the top of a larger rising channel, now at 129.82. The 127.08 level has been recast as support, with a turn back below that targeting the 38.2% Fibonacci retracement at 124.98.

GBPJPY_Classic_Technical_Report_10.18.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.18.2012

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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