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GBPJPY Classic Technical Report 08.22.2012

Ilya Spivak

Prices took out falling trend line resistance set from the May 22 high to test above the 50% Fibonacci retracement at 125.28. A confirmed break higher targets the 61.8% level at 126.81. Trend line support is now at 124.56, with a push back below that exposing the 38.2% Fibat 123.74.

GBPJPY_Classic_Technical_Report_08.22.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.22.2012

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

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