GBP/JPY is setting up for a shorting opportunity below 128.90 level

19 Nov

GBP/JPY is testing a key resistance area defined by the declining trendline and 129.65. An hourly support can be found at 128.26 (16/11/2012 low). Another support can be found at 127.52 (14/11/2012 high).

• GBP/JPY is still under the negative influence of its long-term falling trendline that started in April 2010. A break of this trendline is needed to suggest further medium-term upside potential.

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