GBP/JPY : Double top on 129.50
--- New analysis ---
The pair GBP/JPY has failed to get over the resistance at 129.50 last friday a bearish movement occured, shaping a double top on 129.50. Currently, the price is testing is medium term bullish slant (purple line) and the support at 127.75 is close.
We are neutral at this time between 127.75 and 128.33. We advise to wait an exit of this range to take position:
- Long in case of return above 128.33. We will then target a test of 129 and 129.50 in extension
- Short if 127.75 is broken. This level is the neck line of the double top. Its breakout will allow a return on 127.
Analysis published by Bruno, the 11/06/2012 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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