The GBP/JPY confirmed further consolidation interior the inside day yesterday with 122,75 – 120,80 the levels to follow in the coming hours. Only a daily closing above 122,75 will confirm an extension of the move up with the 200 days line at 127,69 the attraction.
The indicators of the daily chart are still positive but also still just above the line; those of the weekly chart are negative. The scenery is shared also by the s/t indicators where we have however potential positive reversals supporting higher levels. The possible target is 123,23 and an hourly closing above 122,10 will support the move up. While below we hope for an extension of the correction toward the 200 hours line at 120,98, move that we want to buy.
We buy a 121,10 undershooting!!
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