GBP/JPY 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 222-bar long descending triangle pattern formed by GBP/JPY started in mid-October now may be broken through as the British Pound approached close to the upper limit of the pattern. Proximity of the triangle apex as well as bullish traders' sentiment (64.40% of market participants bet on the appreciation of the pair) also suggests that the breakout is possible in the hours to come. To confirm this, the currency couple has to target pattern's resistance at 157.65 that if overcome will create a strong buying pressure that in turn will help the pair to overcome four-hour resistances, lying at 157.76/87 and send GBP/JPY to the daily resistance at 157.89.
© Dukascopy Bank SA
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