On a 4-hour chart the GBP/JPY is rolling back after it breached the resistance level of 132.17. Nonetheless, the viewpoint on the currency pair is bullish, since the breakout of this level will target the currency pair to 134.188.
Earlier on a 4-hour graph, the GBP/JPY has developed the combination of candlesticks Rising Three Methods, which indicates the upside motion. This combination of candlesticks formed after the currency pair failed to break through the support level near 129.33, where the Fibonacci level 61.8 is placed, which means that the bears did not manage to solidify here and the bulls started increasing their presence further.
A breakout of the resistance level of 130.80 confirms this point of view.
It is worth pointing out that in case the support level of 129.33 is broken down, then long positions should be closed, as it will lead to decline to 128.00.
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