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GBP/JPY: Bullish Reversal is Short-Term Positive
GBP/JPY is moving sideways since its 22 November high. However, yesterday's bullish reversal favours a move towards the resistance at 132.45 (26/11/2012 high). Supports can be found at 130.46 (28/11/2012 low) and 130.01 (21/11/2012 low).
GBP/JPY has broken its long-term falling trendline that started in April 2010. This breakout calls for further medium-term strength. The next resistances are at 133.49 and 140.03 (08/04/2011 high).