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Forex Analysis: GBP/JPY Classic Technical Report 11.23.2012

Forex Analysis: GBP/JPY Classic Technical Report 11.23.2012

Ilya Spivak, Head Strategist, APAC

Prices broke above the 50% Fibonacci expansion at 131.09, with buyers now challenging the 61.8% level at 132.39. A Spinning Top candlestick points to indecision and warns a pullback may be ahead. The 131.09 level has been recast as support. A drop back below that targets the 38.2% Fib at 129.80. Alternatively, a renewed push to the upside that clears resistance exposes the 76.4% Fib at 133.96.

Forex_Analysis_GBPJPY_Classic_Technical_Report_11.23.2012_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 11.23.2012

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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