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Forex Analysis: GBP/JPY Classic Technical Report 11.22.2012

Ilya Spivak

Prices broke above the 50% Fibonacci expansion at 131.09, with buyers now challenging the 61.8% level at 132.39. A further push above that exposes the 76.4% Fib at 133.96. The 131.09 level has been recast as support. A drop back below that targets the 38.2% Fib at 129.80.

Forex_Analysis_GBPJPY_Classic_Technical_Report_11.22.2012_body_Picture_1.png, Forex Analysis: GBP/JPY Classic Technical Report 11.22.2012

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

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