U.S. Markets closed

GBPJPY Classic Technical Report 07.10.2012

Ilya Spivak

Prices are testing rising trend line set from early June. A bounce sees initial resistance in the 124.31-52 area marked by a horizontal barrier as well as the 23.6% Fibonacci expansion. Alternatively, a break downward initially targets support at 122.40.

GBPJPY_Classic_Technical_Report_07.10.2012_body_Picture_5.png, GBPJPY Classic Technical Report 07.10.2012

8hr 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, send a note with subject line "Distribution List" to ispivak@dailyfx.com