GBP/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Guided by an ascending channel pattern, GBP/JPY climbed above July highs and is currently trying to distance itself from the bottom boundary and soar above the weekly R1 at 146.56. We expect the pair to continue its way inside of the pattern and attempt the upper trend-line around 150.34. A dive, however, would require some more stickiness of the bottom trend-line at first, before levels underneath come into play. The first level below would come at 144.58/51 and would leave little to an entry inside of the cloud support area. We do, however, still believe that 147.39 will be the next level to watch.
© Dukascopy Bank SA
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