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GBP/JPY Technical Analysis 05.08.2013

GBP/JPY Technical Analysis 05.08.2013

2013-05-08 11:59:00
Ilya Spivak, Head Strategist, APAC
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GBP/JPY Technical Analysis- Prices broke above resistance at 153.15, the 50% Fibonacci expansion, exposing the 61.8% level at 154.75. A further push above that aims for the 76.4% Fib at 156.72. The 153.15 mark has been recast as near-term support, with a reversal back beneath that eyeing a rising trend line at 152.21 and the April 30 low at 150.73.

Forex_GBPJPY_Technical_Analysis_05.08.2013_body_Picture_5.png, GBP/JPY Technical Analysis 05.08.2013

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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