The GBP/JPY confirmed yesterday further consolidation interior the inside day with 122,75 – 120,80 still 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 127,64 the attraction.
The indicators of the daily chart are this morning positive after the strong closing last night and also those of the s/t ones are still above the line this morning supporting a positive s/t scenery. Possible weakness should find support at the 200 hours line at 121,62. Only a return below 120,95 will postpone further weakness causing a retest of the 120 area.
We remain on the sideline following the inside day.
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FUTURE TREND RESEARCH