Forex Analysis: GBP/JPY Classic Technical Report 11.27.2012
Prices broke above the 50% Fibonacci expansion at 131.09, with buyers now challenging the 61.8% level at 132.39. 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.
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.