GBP/JPY 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As usual ascending triangles can be highly profitable for traders in a short period time. All they have to do is wait until the price reaches pattern's apex point. In our case the GBP/JPY currency pair will reach the apex point, where both trend lines converge, on February 28. Despite the fact the pair is already trading below the lower boundary, we have not received a confirmation from trading volume, as a breakout is followed a huge spike in trading volumes. At the same time, market sentiment is slightly bearish (54%) and keeping in mind the fact the pair is not trading in pattern's boundaries for the last 20 hours, a move towards weekly pivot and then to a 200-period SMA can be expected.
© Dukascopy Bank SA
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