Updated the:
06/14/2012
GBP/JPY Technical Analysis comments :
Sentiment :
sentiment
121.86
sentiment
121.86
sentiment
The pair GBP/JPY has again tested yesterday the resistance at 123.34, shaping a double top on this level.
Currently, the pair is making a correction and is testing the lower band of its former falling wedge (purple lines).
Indicators are mitigated.
We continue to advise long positions as far as 121.86 (level 23.60% of fibonacci retracements) is support.
The breakout of 124.34 will give a new buy signal and open the way towards 125.28 (level 50%).
In case of return below 121.86, a sell signal will be given.
Complete sheet of the pair GBP/JPY - Previous GBP/JPY Analysis

Chart of the pair GBP/JPY - Timeframe 4H - Zoom in :

GBP/JPY

Chart of the pair GBP/JPY - Timeframe 4H - Zoom out:

GBP/JPY

GBP/JPY Live Chart - Timeframe : 4h

Chart