GBPJPY Classic Technical Report 10.22.2012
Prices are pushing above resistance at the top of a falling channel set from mid-September, with a confirmed break higher (on a daily closing basis) exposing the upper boundary of a larger rising channel at 129.88. Initial support lines up at 124.98, the 38.2% Fibonacci retracement, with reversal below that targeting the 50% level at 123.79.
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.