The GBP/JPY confirmed further consolidation interior the inside day yesterday 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 still negative while those of the s/t ones are mixed this morning suggesting further consolidation. Only a return above the 200 hours line at 121,40 will support further strength re-launching the move up of this cross suggesting a s/t target at 122,86.
While below the 200 hours line we may still see an extension of the decline toward the 120,50 area where we buy this cross!!
We remain on the sideline.
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FUTURE TREND RESEARCH