GBP/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a plethora of reasons to be short the Pound against the Yen. The main one is the fact that GBP/JPY is currently trading in a well-defined bearish channel. Additionally, there is plenty of room for new sellers, as 62% of open positions are long. At the same time, the pair is now facing a key support level—the 2015 low that is also reinforced by the weekly S2 and a falling trend-line. Accordingly, in the short run we expect the price to rise back to the upper boundary of the channel. The deciding factor will then be which of the key levels is going to be broken first—either 177.20 or 174.90. In the first case the rate is to aim for the Dec 28 high at 180, and in the second case it is to target 2014 Oct low at 168.
© Dukascopy Bank SA
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