FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the bullish Outlook for the GBP/JPY on 122,88 intact.
“The EUR/JPY accelerated its upward movement by the double Fibo level of 124,76/125,18 and it looks like an Expansion of gains in the direction of 129,55/130,89 (50% Retracement and 200-week MA). We see a Count of 13 on the daily chart and the daily RSI has not confirmed the new High, and Stops are closely tightened, and the accelerated upward trend of 124,55 part of a good idea wins.”
“The commandments are to stay above the March High of 122,88 – only including the instant is likely to ease upward pressure, and a Retracement to the 121,63 is possible.”
** FXStreet News Editorial, FXStreet**