GBPJPY Classic Technical Report 08.29.2012

Prices took out support 124.39, the 38.2% Fibonacci retracement level, exposing the 23.6% level at 122.24. The 124.39 mark has been recast as resistance. A break back above that targets a falling trend line set from late March, now at 125.07.

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