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GBPJPY Classic Technical Analysis Report 10.23.2012

GBPJPY Classic Technical Analysis Report 10.23.2012

Ilya Spivak, Head Strategist, APAC

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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