GBP/JPY : Towards a test of the psychological level at 130?
--- Follow up analysis ---
The pair GBP/JPY made last Tuesday a pullback on 127.50 before taking up its bullish trend. The price is currently testing the lower band of its medium term bullish channel (black lines) and just got over the bullish slant in h1 (purple line). The way towards 130 seems to be free.
We continue to advise long positions as far as 128.12 is support. A test of the major resistance at 130 is waited quickly. This level could lead to a technical correction but its breakout will give a new buy signal. The next resistance is at 130.50.
However, in case of return below 128.12, we will be neutral between this level and 127.75.
Analysis published by Bruno, the 11/01/2012 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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