U.S. Markets closed

Forex Analysis: GBP/JPY Classic Technical Report 11.15.2012

Ilya Spivak

Prices launched sharply higher from support at 125.48, the 38.2% Fibonacci retracement level, clearing the 23.6% level and 127.07 to probe above the 14.6% level at 128.05. A confirmed break on a daily close basis exposes channel top resistance at 130.00. The 127.07 level has been recast as near-term support.

Forex_Analysis_GBPJPY_Classic_Technical_Report_11.15.2012_body_Picture_5.png, Forex Analysis: GBP/JPY Classic Technical Report 11.15.2012

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, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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.