The GBP/JPY has successfully broken through the resistance level of 132.17. Now it is forecasted that the uprising movement with the target to 134.18 will take place.
Earlier on a 4-hour chart the GBP/JPY has developed the combination of candlesticks Rising Three Methods, which indicates the uprising movement. This combination of candlesticks formed after the pair failed to break through the support level near 129.33, where the Fibonacci correction level 61.8, which denotes that the bears did not manage to fixate here and the bulls started to increase their influence further.
A breakthrough of the resistance level of 130.80 means that this viewpoint is correct. However, it should be mentioned that if the support level of 129.33 is broken down, then long positions should be closed, as it will lead to decline to 128.00.
