GBP/JPY : Exit of the bearish channel validated
--- Follow up analysis ---
The pair GBP/JPY has continued its bearish movement, following the exit of its medium term bullish channel (black line) last week. The price is going to test the major support at 124.86. We expect a pursuit of the bearish movement in the next days towards 123.88.
We continue to advise short positions as far as 126.35 is resistance. The breakout of 124.86 will give a new sell signal and will comfort our bearish feeling.
In case of return above 126.35, we will be neutral between this level and 127.
Analysis published by Bruno, the 10/10/2012 at 9h15 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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