FX.co ★ Candlestick analysis of the GBP/JPY for December 8

Earlier on a 4-hour graph the GBP/JPY has developed the combination of candlesticks Rising Three Methods, which indicates the upside movement. This combination of candlesticks formed after the currency pair failed to break through the support level near 129.33, where the Fibonacci correction level 61.8 is placed, which means that the bears did not manage to fixate here. Further the bulls started increasing the influence.
A breakout of the resistance level of 130.80 confirms this viewpoint. Now the uprising movement with the target to 132.17 should be expected.
Nevertheless, it is worth pointing out that if the support level of 129.33 is broken down, then long positions should be closed, since it will lead to the decrease to 128.00.