The GBPJPY daily chart formed a Pin Bar reversal. This Pin Bar was against the trend, however it had formed at the resistance.
Once price broke the low of the Pin Bar price smashed lower and pushed through the near term support. Price may continue to fall lower from here and the next support comes in around 1.2440.
If price moves higher the resistance that the Pin Bar rejected would look to be the next major level for price to break through to continue higher.
GBPJPY DAILY CHART – 10 OCTOBER 2012
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