GBPJPY Classic Technical Report 09.26.2012

DailyFX

Prices are testing support at the bottom of a rising channel set from late July, a barrier reinforced by the 38.2% Fibonacci retracement at 125.76. A break below the latter level initially exposes the 50% Fib at 124.82. Near-term resistance is at 126.93, the 23.6 retracement, with a push back above that clearing the way for a challenge of the channel top (128.88).

View photo

.
GBPJPY_Classic_Technical_Report_09.26.2012_body_Picture_5.png, GBPJPY Classic Technical Report 09.26.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)