GBP/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound is strengthening against the Japanese Yen since July and it seems the trend will persist in the nearest future. At the moment of writing the pair was bounded by a 200-bar SMA from the upside, while pattern's support is posing difficulties for bears to push the pair lower. Technical indicators, however, are mixed, and pointing at a retest of the support line in a short term, while after a period of consolidation a move to the north can be expected. As the short term outlook is bearish we should not forget about the possible downside breakout, therefore, traders could focus on 156.09 as a next possible target.
© Dukascopy Bank SA
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Fri, 25 Oct 2013 06:17:17 GMT

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