Updated the:
07/02/2012
GBP/JPY : Major resistance at 124.50
Sentiment :
sentiment
123.75
sentiment
123.75
sentiment
Last friday, a buy signal has been given on the pair GBP/JPY, by the breakout of our major resistance at 124.50. Currently, a pullback is occuring on this level. Several elements let us think that the bullish movement will pursuit:- Bullish channel on H4
- Exit of a bearish channel on h1 : A pullback on the upper band is close.

The pair should test again the resistance at 125.50 first. The breakout of this level will give a new buy signal and a test of the resistance at 126.81 (level 61.80% of fibonacci retracements) will be then expected.

Our bullish scenario stay possible as far as 123.75 (level 38.20%) is support. In case of breakout of this level, the long term bearish trend of the pair could be back. A test of 123 and 121.86 (level 23.60%) should occur.

Analysis published by Bruno, the 07/02/2012 at 09h30 GMT+2

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