GBPJPY—nearing a channel top

GBPJPY is working its way up to 142.35 (high so far is 142.03) which is the top of an expanding channel. This is near a fib retracement level and polarity. It's also a 33% retracement of the range from the August high of 163.10 and the 132.02 low. I know any readers must think I do nothing but calculate retracement levels, lol. Actually, you're right. There is also some bearish divergence on the 1- and 3-hour charts.

Support is at 140.71, 140.26, 139.58. 138.95 and 138.03. Resistance is 142.35, 142.64, and 143.65.

Here's the three-hour chart:

















© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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