FX.co ★ GBP/JPY Bullish Above 125,60 August 17, 2011 (Daily Strategy)

GBP/JPY

The United Kingdom pound – Japanese yen pair showed excessive weakness during the wave of price drops that hit the financial markets. Interestingly, the price of two single "punctured" the crucial support level of 124.00 not really make him settle down. It seems that this is a very strong with a real chance to support the reversal and the move to new highs.

It is assumed that a short brief correction of the last wave bass player should push the pair toward the first target price is around 128.00 resistance.Later, the pair has a high potential for continuation resistance to the level of higher 131.50.