GBP/JPY 4H Chart: Set for breakout

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate

The British Pound has appreciated about 9.79% in value against the Japanese Yen since the beginning of January. This movement was guided in an ascending channel pattern.

Currently, the currency pair is testing a support level formed by the lower boundary of a four-month ascending channel and the 50-hour simple moving average at 145.79.

If the GBP/JPY passes the support level, a decline towards a swing low of 144.00 could be expected.

However, if the given channel holds, it is likely that an upside reversal could occur in the nearest future.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.