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Forex Analysis: GBPJPY Classic Technical Report 11.01.2012

Forex Analysis: GBPJPY Classic Technical Report 11.01.2012

Ilya Spivak, Head Strategist, APAC

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 (125.81) and the 38.2% Fib at 124.16. Channel resistance is now at 129.65.

Forex_Analysis_GBPJPY_Classic_Technical_Report_11.01.2012_body_Picture_5.png, Forex Analysis: GBPJPY Classic Technical Report 11.01.2012

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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