GBP/JPY 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY attempted to penetrate the lower boundary of the 218-bar long descending triangle on January 31 but both attempts were unsuccessful and now the pair is still trading in the range bounded by the triangle trend-lines.
Now the currency couple is sitting at the four-hour pivot point at 168.09 that lies slightly above the pattern's support at 167.98. Considering the traders' mood, the four-hour pivot point may act as a prop that may help the pair to appreciate in the hours to come; about 54.87% of market participants are bullish on the pair.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.