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  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data. Get your ASEAN currencies market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/ZGFaQQ3Hr2
  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/73SaL5AeXD
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  • $GBPUSD doesn’t have the cleanest set of technical indications, but #USD may give indications if it can break its trading range via the $DXY. Get your currencies market update from @PaulRobinsonFX here: https://t.co/PrC9wAaXvU https://t.co/vHYHflwqR3
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
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GBPJPY Classic Technical Analysis Report 10.23.2012

GBPJPY Classic Technical Analysis Report 10.23.2012

2012-10-23 10:14:00
Ilya Spivak, Head Strategist, APAC
Share:

Prices broke resistance at the top of a falling channel set from mid-September, with the bulls now aiming to challenge the 38.2% Fibonacci expansion at 128.57. A further push above that exposes the 50% level at 129.47, a barrier reinforced by the top of a larger channel set from the June 1 low (now at 129.95). Channel resistance-turned-support is now at 127.45. A drop beneath that initially targets the 127.00 figure.

GBPJPY_Classic_Technical_Analysis_Report_10.23.2012_body_Picture_5.png, GBPJPY Classic Technical Analysis Report 10.23.2012

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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