The GBP/JPY confirmed a positive closing on Friday but the weekly one was still weak, well below the low of the previous week.
The indicators of the daily chart are still negative as well as those of the weekly one. The indicators of the s/t charts are positive supporting further strength. Since this morning we have even bearish divergences confirming a positive tone in the hourly chart; however we suggest waiting for further confirmations before trying a long position.
The move up should find resistance at the 200 hours line at 120,57or just above of it where we find the resistance line at 120,67!!
We still prefer remaining on the sideline.
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FUTURE TREND RESEARCH