On a 4-hour graph the GBP/JPY is making a rebound after successfully breaking through the resistance level of 132.17.
Earlier on a 4-hour graph the GBP/JPY had developed the combination of candlesticks Rising Three Methods, which indicates the uprising motion. These candlesticks formed after the pair did not manage to break out the support level near 129.33, where the Fibonacci correction level 61.8 is placed, this means that the bears did not solidify here, and the bulls started increasing their influence further.
A breakthrough of the resistance level of 130.80 means that this point of view is correct. However, it is worth mentioning that if the support level of 129.33 is breached, then long positions should be closed, as it will lead to decline to 128.00.
