GBPJPY Classic Technical Report 07.13.2012

Prices are testing support in the 122.40-29 area, marked by a horizontal barrier and the 50%Fibonacci retracement. A break lower exposes the 61.8% level at 121.46. Near-term resistance lines up at 123.12, the 38.2% Fib, with a breach above that targeting a trend line set from early June (now at 123.88).

8hr Chart - Created Using FXCM Marketscope 2.0

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

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