GBP/JPY remains locked below short-term important resistance at 129.31 which is the divider between a bottom likely being in place or more downside to come.
Time is running out for GBP/JPY to break above the pivot-point at 129.31 adding confidence in a low being in place at 126.54 for a rally towards 132.70 and above. If GBP/JPY failes to stay above minor support at 127.49 that will call for renewed downside pressure and a final dip below 126.54 to complete the long-term decline from 148.88
We remain long GBP from 127.80 with our stop placed at 126.70
The material has been provided by InstaForex Company – www.instaforex.com