GBPJPY Classic Technical Report 10.19.2012
Prices put in a Shooting Star candlestick at resistance marked by the top of a falling channel set from mid-September, warning of ebbing bullish momentum and hinting a pullback may be ahead. Initial support lines up at 124.98, the 38.2% Fibonacci retracement, with a break below that targeting the 50% level at 123.79. Alternatively, a push above resistance (now at 127.51) exposes the upper boundary of a larger rising channel at 129.85.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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 firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.