GBP/JPY : Double top on 129.50
--- Follow up analysis ---
The double top pattern seems to be confirmed. The price has continued its bearish movement and the exit of the range 127.75/128.33 from the bottom gave us a sell signal. Currently, the price is testing the major support at 127 who link all the last lows. The bearish movement occurs into a short term bearish channel (blue lines in h1) and the lower band is currently testing. That could lead to a small techinal rebound.
We continue to advise short positions as far as 128 is resistance. The breakout of 127 will give a new strong sell signal. The price could then be able to reach 126.08 and 125.50 in extension.
In case of return above 128, we will be again neutral between 127.75 and 128.33.
Analysis published by Bruno, the 11/09/2012 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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