GBPJPY Classic Technical Report 10.03.2012

DailyFX

Prices put in a Bullish Engulfing candlestick pattern above support at 125.63, a horizontal barrier reinforced by a rising trend line set from early August. The setup hints an upswing is ahead. Initial resistance lines up at 127.08, with a break above that targeting the September 19 high at 128.82. Alternatively, a break below the trend line targets 124.01.

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GBPJPY_Classic_Technical_Report_10.03.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.03.2012

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

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