GBP/JPY 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY is up for a critical move over the following days, which will either maintain the descending triangle pattern the pair has been following for the last two months, or complete the correction with a bearish outbreak of the 129.47 support level. While loss of volatility has led the rate to abandon the previously established triangle upper trend-line and take on one that completes the pattern in a week already, there is still potential for a violation of the newly formed boundary to revive the original one. In case this happens, GBP/JPY will target 134.95 where it will fail and start its motion down.
© Dukascopy Bank SA
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