GBP/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Because of the support at 169.56 the currency pair was able to prevent Jan-May consolidation turning into a sell-off. Instead the Sterling's bullish momentum seems to be gaining traction at the moment, as evidenced by GBP/JPY forming an upward-sloping channel.
However, to confirm its bullish intentions the price will have to bounce off the up-trend support line at 173.25 (reinforced by weekly S1) and set course towards 176, where it is likely to come into contact with the upper boundary of the pattern. Meanwhile, the market participants are undecided with respect to GBP/JPY's perspectives—46% of open positions are long and 54% are short.
© Dukascopy Bank SA
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