The GBP/JPY failed to extend further the move up forming instead a small negative day reversal. The indicators of the daily chart are still well positive but showing potential negative reversals very close to the overbought area. Those of the s/t charts are negative this morning suggesting further downside risk. An hourly closing below 124,80 will confirm lower levels suggesting a test of the 200 hours line, now found at 124,36. Only an hourly closing above 125,75 will postpone further weakness supporting 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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FUTURE TREND RESEARCH