TECHNICAL ANALYSIS OF GBPJPY 10/02/12
The recovery of GBP / JPY from 119.58 is still in progress and intraday bias remains to the upside resistance of 122.04. A break will lead to a rebound from 117.29 to 122.76. Moreover, the climb from 117.29 will be considered as the third leg of consolidation from 116.83 storyline. A break of 122.76 will target a test of key resistance of 127.30. On the downside, below 120.22 capovolgeranno values in the neutral bias. The break of 119.19 will indicate the completion of the bounce and flip bias back to the downside for 117.29.
The consolidation from 116.83 is still in progress and the fall from 140.20, which is part of the medium-term down trend from 163.05 is not yet ready to resume. While the climb from 117.29 might extend further, we can expect strong resistance from the 50% retracement of 140.02 to 116.83 at 128.42 to finish the consolidation and lead to a resumption of down trend. Is not the case of considering the inversion in the medium term before the trading supported above the level Fibonacci 128.42.
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