Updated the:
GBP/JPY - Take up of the bearish trend?
Sentiment :
Since the 1st of June, the pair GBP/JPY was moving into a bullish channel (brown lines) but last friday, the price got out of this channel from the bottom, giving a sell signal. This sell signal has been reinforced by the breakout of the fibonacci retracement 38.20% at 123.75.

We expect a take up of the bearish trend on the next days. The support at 121.86 (level 23.60%) should be reached. In h1, a bearish slant (black line) comfort this scenario.

In case of return above 124.50, we will be neutral between this level and 125.28 (level 50%).
Analysis published by Bruno, the 07/09/2012 at 09h30 GMT+2

Update the 07/13 - Our objective at 121.86 (level 23.60% of the fibonacci retracements) is going to be reach. The bearish trend should pursuit. In h4, a bearish slant appears. A rebound of the support at 121.86 stay possible and a test of the bearish slant should follow. However, the trend is clearly bearish as far as 123 is resistance. A new bearish wave is expected if 121.86 is broken. Next objectives are at 120.65 and 120 in extension. If the price get back above 123, we will be neutral between this level and 123.75 (level 38.20%).

Complete sheet of the pair GBP/JPY - Previous GBP/JPY Analysis

Chart of the pair GBP/JPY - Timeframe 4H


Chart of the pair GBP/JPY - Timeframe 1H


GBP/JPY Live Chart - Timeframe : 4h