Forex Analysis: GBP/JPY Classic Technical Report 11.21.2012
Prices are testing above the 50% Fibonacci expansion at 131.09, with a confirmed breakout exposing the 61.8% level at 132.39. Near-term support lines up at 129.80, the 38.2% Fib. A drop below that aims for trend line resistance-turned-support at 129.13.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.