Earlier on a 4-hour graph the GBP/JPY has formed the combination of candlesticks Rising Three Methods that indicates an uprising movement. This combination of candlesticks emerged after the currency pair could not break through the support level near 129.33, where the Fibonacci correction level 61.8 is placed. This means that the bears did not manage to solidify here and the bulls started to increase their influence.
A breakout of the resistance level of 130.80 means that this viewpoint is correct. Now, the upside movement with the target to 132.17 should be expected.
It is recommended to close long positions if the support level of 129.33 is broken through, as it will lead to decline to 128.00.
