GBP/JPY 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY has been trading sideways since it broke through a 134-bar long ascending triangle on February 25. The pair was capable of withstanding heavy downside pressure thanks to the 200-bar SMA that is meandering at 169.67. At the same time, the upswing of the pair also was restricted as the 50-bar SMA at 170.51 was preventing any attempts to advance. Given bullishness on the market-almost two thirds of traders bet on appreciation of the pair-GBP/JPY may go out of the trap created by its SMAs and confirm that an accelerating decline usually following a bearish breakout will not happen this time.
© Dukascopy Bank SA
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