Forex Analysis: GBPJPY Classic Technical Report 10.31.2012

DailyFX

Prices put in a Dark Cloud Cover candlestick pattern below resistance at the top of a rising channel set from early June, hinting a move lower is ahead. Initial support lines up at 127.01, the 23.6% Fibonacci retracement. A break below that exposes a rising trend line set from August (125.73) and the 38.2% Fib at 124.16. Channel resistance is now at 129.59.

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Forex_Analysis_GBPJPY_Classic_Technical_Report_10.31.2012_body_Picture_5.png, Forex Analysis: GBPJPY Classic Technical Report 10.31.2012

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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