The GBP/JPY confirmed also 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 127,45 the attraction.
The indicators of the daily chart have again returned below the line putting some pressure on the cross and also those of the s/t ones are in negative territory suggesting further weakness. Only an hourly closing below 120,90 will however support lower levels.
We remain on the sideline following the inside day.
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FUTURE TREND RESEARCH