GBP/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After little and at some intervals even no activity between May and October this currency pair managed to commence a robust recovery that already amounts to 14 figures. Given that both the lower trend-line and the 200-period SMA stay intact, the bullish momentum is not exhausted yet and may push the price even higher. While being underpinned by the strong support area between 169.23 and 168.27 the Sterling is expected to target 173.86, specifically the upper boundary of the channel. However, the longer-term perspective may not be as bright—an overwhelming majority (70%) of the SWFX market participants are currently holding short positions on GBP/JPY.

© Dukascopy Bank SA
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