GBP/JPY 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY has been bearish since the beginning of March, when the currency pair failed to overcome supply at 185.00. However, an ascending triangle suggests the upward pressure is currently building up. If the price closes above the key level at 180.14, the Sterling will be expected to keep advancing. The next potential targets will then be the weekly R1 at 181.40 and the weekly R2 at 183.20. Alternatively, if the resistance trend-line at 178.34 is violated, the outlook will be bearish. In this case the nearby targets will be 178.00 and 177.16. As for the sentiment, the traders appear to be undecided with respect to the Pound's perspectives: 46% of positions are long and 54% are short.
© Dukascopy Bank SA
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