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MENAFN - DailyFX - 10/10/2012

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Prices snapped rising trend line set from early August as well as horizontal support at 125.63. Sellers now aim to challenge 124.01, a barrier reinforced by a larger rising trend line set from the June 1 low (now at 123.51). The 125.63 level has been recast as near-term resistance, with a break back above that targeting 126.54 and 127.08.

GBPJPY_Classic_Technical_Report_10.10.2012_body_Picture_5.png, GBPJPY Classic Technical Report 10.10.2012

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

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