GBP/JPY : Strong bearish reversal
--- Follw up analysis ---
The bearish movement has continued on the pair GBP/JPY who broke the support at 126, giving us a new sell signal. The price also got out of its medium term bullish channel (black lines) and is moving into a bearish channel on the short term in h1 (purple lines).
We continue to advise short positions as far as 127 is resistance. The breakout of 125.50 (level currently tested) will give a new sell signal and should allow the price to reach the major support at 124.86.
In case of return above 127, we will be neutral between this level and 127.50.
Analysis published by Bruno, the 09/26/2012 at 8h45 GMT+2
Chart of the pair GBP/JPY - Timeframe 4H
Chart of the pair GBP/JPY - Timeframe 1H
|GBP/JPY Live Chart - Timeframe : 4h|
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