The GBP/JPY confirmed a weak closing last night below the 123,90 level suggesting further possible weakness. The decline is finding support at the support line at 123,45 but we may well see an undershooting of this line suggesting a retest of the 122,50 support area!
The indicators of the daily chart are still positive but showing potential negative reversals; those of the s/t charts are instead negative supporting further downside risk. Bullish divergences in the hourly chart confirm now a negative tone.
We suggest still waiting for lower levels to buy this cross at this point in case of a move below 122,50!!
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FUTURE TREND RESEARCH