GBP/JPY : Double top on 129.50
--- Follow up analysis ---
The objective of the double top at 125.50 has just been reached on the pair GBP/JPY who has continued these last days its bearish movement without any correction. The movement doesn't seem to show signs of weakness, as shown by the exit from the bottom of the short term bearish channel (blue lines). The price just broke the support at 126.08.
We continue to advise short positions as far as 127 is resistance. We expect a pursuit of the bearish movement towards the major support at 124.85 who linked alll the lows of September and October. This level should lead to a short term technical rebound.
In case of return above 127, we are neutral between this level and 127.50.
Analysis published by Bruno, the 11/13/2012 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|
For more reports, go to Forextribe