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Forex Analysis: GBP/JPY Classic Technical Report 11.19.2012

Forex Analysis: GBP/JPY Classic Technical Report 11.19.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing long-term trend line resistance set from late April 2010 (now at 129.17), a barrier reinforced by the 38.2% Fibonacci expansion at 129.80. A break above that targets the 50% Fib at 131.09. Near-term support lines up at 128.21, the 23.6% level, with a drop below that aiming for rising trend line support at 125.86.

Forex_Analysis_GBPJPY_Classic_Technical_Report_11.19.2012_body_Picture_5.png, Forex Analysis: GBP/JPY Classic Technical Report 11.19.2012

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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