The GBP/JPY managed on Friday to confirm the positive day reversal it formed on Thursday suggesting further upside potential especially in case of a daily closing tonight above 125,57!! The weekly closing was very strong supporting higher levels.
The indicators of the daily chart are still well positive but showing potential negative reversals close to the overbought area. Those of the weekly chart are however also positive supporting higher levels!! The indicators of the s/t charts are at the moment below the line suggesting some consolidation. Only an hourly closing above 125,75 will confirm higher levels and a positive reversal in the hourly chart suggesting a new s/t target at 128,88!
We are still waiting for confirmations and of course for a buying opportunity!
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http://www.easyforexnews.net/wp-content/uploads/2011/11/GBP-JPY-11.07.pdf
FUTURE TREND RESEARCH