GBP/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 1H 4H 1D
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The Pound is trading in a channel down against the Yen, having depreciated around 3% since its highest level in early August. The lower boundary, however, has provided only one confirmation, as the second wave down was not able to reach the given line. The rate has formed a short-term channel up that could guide the pair upwards if the senior formation is breached. Even though technical indicators are still flashing bearish signals, they gave gradually decreased in strength, thus giving a possible buy signal. SWFX market sentiment has turned bullish (51% long), thus adding to the increasingly bullish expectations. In order to confirm this new up-trend, the Pound should cross the 55– and 100-hour SMAs in the 143.11/75 area.

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