GBPJPY Classic Technical Report 08.27.2012
Prices are wedged between resistance at a falling trend line set from the March 21 high (125.19) and the 38.2% Fibonacci retracement level (124.39). A break below support exposes the 23.6% Fib at 122.24. Alternatively, a push through the trend line initially targets the 50% level at 126.22.
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, send a note with subject line "Distribution List" to ispivak@dailyfx.com
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.
