U.S. Markets closed

GBPJPY Classic Technical Report 10.03.2012

Ilya Spivak

Prices put in a Bullish Engulfing candlestick pattern above support at 125.63, a horizontal barrier reinforced by a rising trend line set from early August. The setup hints an upswing is ahead. Initial resistance lines up at 127.08, with a break above that targeting the September 19 high at 128.82. Alternatively, a break below the trend line targets 124.01.

GBPJPY_Classic_Technical_Report_10.03.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.03.2012

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, 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.