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GBPJPY Classic Technical Report 10.19.2012

GBPJPY Classic Technical Report 10.19.2012

Ilya Spivak, Head Strategist, APAC

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.

GBPJPY_Classic_Technical_Report_10.19.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.19.2012

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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