Forex Technical Update
GBP/JPY 4H Chart 9/5/2012 8:45 AM EDT
The GBP/JPY has bee consolidating, but is now showing a bullish sign as it pushes above recent resistance at 124.80 as seen in the 4H chart. This also breaks a declining trendline that goes back to 4/2 high of 133.25. Now the sterling-yen is focused on the next resistance pivot at 125.50.
The daily chart shows that there is resistance between 125.50 and 125.80. These were the highs in June and early July when the market made a double top. Clearing above 125.80 opens up the 127 psychological handle up to the 127.10 pivot.
GBP/JPY Day Chart 9/5/2012 8:48AM EDT
Fan Yang CMT is a trader, educator and a Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.