\u2022 The chart below is the GBP\/JPY 4-hour chart by ForexYard. Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em> \u00a9 2006 by FxYard Ltd<\/p>\n Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":" Following the better than expected end result of the British Consumer Price Index (CPI), the British pound strengthened against most of its major currency rivals. As a result, the GBP\/JPY pair climbed about 70 pips within 20 minutes<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-18249","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=18249"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18249\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=18249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=18249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=18249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2022 A very distinct bullish channel<\/a> has formed on the chart, and the pair is currently trading in the midst of it.
\n\u2022 The pair has just crossed the Fibonacci retracement 76.4% line, placed at the 132.15 level.
\n\u2022 This indicates that the pair has potential to proceed towards the 100% line, located at the 134.20 level.
\n\u2022 A bullish cross on the Slow Stochastic<\/a> also suggests that the bullish move has more steam in it.
\n\u2022 In addition, the Bollinger Bands<\/a> appear to be tightening, suggesting that another sharp movement could be impending.
\n\u2022 Nevertheless, traders should notice that the RSI<\/a> is currently pointing down, and is about to fall below the 70-line. If the RSI will indeed cross the 70-line, it will signal that the bullish move will be replaced with a bearish correction.
\n\u2022 The next resistance levels<\/a> are located at: 132.65, 133.05, 133.40 and 134.20
\n\u2022 The next support levels<\/a> are located at: 131.80, 131.25 and 130.90<\/p>\n![\"\"](\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/01\/gbp-jpy.bmp\")
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