GBP/JPY
The wave of downwards movements of the last week and a half sent the GBP/JPY pair straight towards the main Fibonacci 61.8% withdrawal level, poised precisely at the 129.30 price level. The very fact the pair reached this level precisely and immediately leaped back up instructs us that this was probably only a correction for the last upwards trend.
As such, from this point onwards the pair is expected to renew it’s upwards movement towards the major 135.30 resistance level. The nearer resistance level at 133.20 may be used as the key point for a partial realization on the position. The stop-loss order is to be placed slightly under yesterday's daily low around 129.80 Japanese Yen per British pound.
