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GBPJPY Classic Technical Report 10.05.2012

Ilya Spivak

Prices rose to test resistance at 127.08 after putting in a Bullish Engulfing candlestick pattern above support at 125.63, a horizontal barrier reinforced by a rising trend line set from early August. A break higher targets the September 19 high at 128.82. Alternatively, a reversal back below support targets 124.01.

GBPJPY_Classic_Technical_Report_10.05.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.05.2012

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

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