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Forex Analysis: GBP/JPY Classic Technical Report 12.14.2012

Forex Analysis: GBP/JPY Classic Technical Report 12.14.2012

Ilya Spivak, Head Strategist, APAC

Prices broke above resistance at 134.62, the 61.8% Fibonacci expansion, exposing the 76.4% level at 135.63. A further push above that aims for 137.22. The 134.62 level has been recast as near-term support, with a drop back below that exposing the 50% expansion at 133.82.

Forex_Analysis_GBPJPY_Classic_Technical_Report_12.14.2012_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 12.14.2012

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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