GBP/JPY : Towards a test of the psychological level at 130?
--- Follow up analysis ---
Despite a high last week on 129.65, the pair GBP/JPY has failed to reach the psychological level at 130. A strong correction occured and the price is now moving below the lower band of the medium term bullish channel (black lines). The pair is currently testing its short term bullish slant (purple line in h1) but seems to move towards a pullback on the support at 127.75.
We continue to advise long positions as far as this level is support. A return above 128.67 will comfort our bullish feeling. We will then target a new test of the resistance at 129.50 and 130 in extension.
However, in case of return below 127.75, we will be neutral between this level and 127.
Analysis published by Bruno, the 10/29/2012 at 9h00 GMT+2
Chart of the pair GBP/JPY - Timeframe 4H
Chart of the pair GBP/JPY - Timeframe 1H
|GBP/JPY Live Chart - Timeframe : 4h|
For more reports, go to Forextribe
Join the Discussion