GBPJPY Classic Technical Report 10.22.2012

DailyFX

Prices are pushing above resistance at the top of a falling channel set from mid-September, with a confirmed break higher (on a daily closing basis) exposing the upper boundary of a larger rising channel at 129.88. Initial support lines up at 124.98, the 38.2% Fibonacci retracement, with reversal below that targeting the 50% level at 123.79.

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GBPJPY_Classic_Technical_Report_10.22.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.22.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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