GBP/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a good chance for a bullish channel to emerge on the hourly chart of GBP/JPY. And even though at the moment the length of the potential up-trend lines is fairly short, as it does not exceed 50 bars, both boundaries of the pattern have been respected by the market already on several occasions.
Accordingly, the sell-off of the British Pound should turn out to be a bearish correction within an up-trend and come to an end near 170.80. The four-hour technical indicators support this positive scenario, as many of them are presently bullish; however, the daily studies are mostly giving ‘sell' signals, suggesting the up-move may turn out to be short-lived.

© 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.