GBP/JPY Technical Analysis (British Pound / Yen)
December 19, 2012 10:03 PM EST
|GBP / JPY: Important bullish gap after the election of the right in Japan|
--- Follow up analysis ---
The currency pair GBP/JPY continues to move forward and has just validated a break of the resistance at 137 (new buy signal). The course is still moving into its short term bullish channel (orange lines). The opening bullish gap has not been filled.
We continue to advise long positions as far as 135.50 is support. Soon, the price should meet resistance on 138. The break of this level would provide a new buy signal and then we might consider a return on the high of April 2011 towards 140. In case of a channel output, a correction to 135.50 is possible.
In case of return below this level, then the gap should be filled but we will be neutral between 134.28 and 135.50.
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