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Forex Analysis: GBP/JPY Classic Technical Report 11.16.2012

Forex Analysis: GBP/JPY Classic Technical Report 11.16.2012

Ilya Spivak, Head Strategist, APAC

Prices broke above the 14.6% Fibonacci retracement at 128.05, exposes channel top resistance at 130.07. The 128.05 level has been recast as support, with a reversal back below that exposing the 23.6% retracement at 127.07.

Forex_Analysis_GBPJPY_Classic_Technical_Report_11.16.2012_body_Picture_5.png, Forex Analysis: GBP/JPY Classic Technical Report 11.16.2012

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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