26.05.201108:48 Forex Analysis & Reviews: GBP/JPY Technical analysis and Long position oportunity May 26, 2011

Long-term review

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:: Daily ::

The GBP / JPY currency pair showed an obvious hummer candlestick at testing the support level 125.47 which is a historical low

this candlestick indicates upside movemet confirmed further

the upside movement was contained at the resistance level 139.75 which stopped the upside swing of the pair leading to correction forming a flag pattern

The support level 131.20 which is 50% fibonatcci of the last swing up held the price above preventing further decline

The last daily candle closed outside the upper limit of the flag indicating continuation of the upside movement technically .

:: 4H ::

GBP / JPY currency pair is showing head and shoulder pattern at the 50% fibonatcci mentioned before which is popular reversal pattern at a strong level

giving the signal to go long after break of the flag upper limit which already happened yesterday .

Now it's recommended to go long with potential target at 134.30 then 135.55 ( 23% fibonatcci ) with further targets to be mentioned later

It's important to mention that SL for long position should be below the last buttom ( 130.22 ) as break of this level allow the pair to reach 129.32

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