Forex Analysis: GBP/JPY Classic Technical Report 11.19.2012
Prices are testing long-term trend line resistance set from late April 2010 (now at 129.17), a barrier reinforced by the 38.2% Fibonacci expansion at 129.80. A break above that targets the 50% Fib at 131.09. Near-term support lines up at 128.21, the 23.6% level, with a drop below that aiming for rising trend line support at 125.86.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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