GBPJPY Classic Technical Report 08.23.2012

DailyFX

Prices pulled back from resistanceat 125.28,the 50% Fibonacci retracement level, to retest interim support at a falling trend line resistance set from the May 22 high (now at 124.54). A break below this boundary exposes the 38.2% Fibat 123.74. Alternatively, a renewed push higher that takes out near-term resistance targets the 61.8% level at 126.81.

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GBPJPY_Classic_Technical_Report_08.23.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.23.2012

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

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