Forex Analysis: GBPJPY Classic Technical Report 10.31.2012
Prices put in a Dark Cloud Cover candlestick pattern below resistance at the top of a rising channel set from early June, hinting a move lower is ahead. Initial support lines up at 127.01, the 23.6% Fibonacci retracement. A break below that exposes a rising trend line set from August (125.73) and the 38.2% Fib at 124.16. Channel resistance is now at 129.59.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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