GBP/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The very end of June was a favorable time for the British Pound to start an escalation versus the Japanese Yen and the pair indeed skyrocketed from 172.42 to 175.39 in less than a week ended July 3. However, the rally probably was excessive as the pair was forced to exit the 112-bar long channel up pattern it formed while advancing.
Although GBP/JPY now is trading below the pattern's support and the 50-hour SMA at 175.10, market participants have not lost faith in the pair as more than 70% of them still believe GBP/JPY is capable of erasing losses and preserving an upswing, according to the SWFX.
© Dukascopy Bank SA
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