GBP/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the very start of the pattern GBP/JPY was somewhat hesitant to advance, but nonetheless divorced from the 200-hour SMA, thereby allowing formation of the 133-bar long channel up. Right now the pair is at the lower boundary of the pattern, implying that the probability of a surge in the nearest future is higher than the likelihood of any other scenario. Some of the resistances GBP/JPY will then have to overcome are at 153.66 (daily R1) and 154.33 (daily R2), while a test of the up-trend resistance line that is currently located at 154.99 should initiate a bearish correction before the new cycle begins.

© Dukascopy Bank SA
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Wed, 24 Jul 2013 07:31:05 GMT

HKD/JPY 1H Chart: Channel Down

The situation in HKD/JPY is in many ways similar to the one currently observed in USD/JPY, where the pair has formed a channel down pattern as well. Even the signals of the technical indicators are exactly the same (slightly bearish), and this is understandable, since the Hong Kong Dollar is pegged to its United States counterpart.However, there is a critical

Wed, 24 Jul 2013 07:09:05 GMT

USD/JPY 1H Chart: Channel Down

After peaking at 100.86 60 hours ago, USD/JPY started to move downwards in the direction of the 200-hour SMA, which has been already breached, meaning that the outlook is negative. Apart from the long-term simple moving average, the down-trend resistance line at 99.89 also makes it difficult for the currency pair to rally. Accordingly, we are biased to see continuation

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