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FOREX ANALYSIS: GBPJPY Classic Technical Report 10.25.2012

FOREX ANALYSIS: GBPJPY Classic Technical Report 10.25.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing above resistance at 128.57, the 38.2% Fibonacci expansion, to aim for the 50% level at 129.47. This barrier is reinforced by the top of a rising channel set from the June 1 low (130.05). Alternatively, a reversal back below 128.57 targets minor channel resistance-turned-support at 126.53.

FOREX_ANALYSIS_GBPJPY_Classic_Technical_Report_10.25.2012_body_Picture_5.png, FOREX ANALYSIS: GBPJPY Classic Technical Report 10.25.2012

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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