GBP/JPY 1D Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since last year's November GBP/JPY has been in a distinct up-trend, covering the distance from 126 to 174. However, at the latter level it encountered a tough resistance that is not letting the currency pair to advance further. As a result, there is an ascending triangle on the chart and it is going to be broken in the nearest future, as the apex has nearly been reached.
At the moment the chances are skewed in favour of a bullish break-out, considering that most of the daily and monthly technical indicators are pointing north. However, should the up-trend support at 172.43 be breached, the Sterling will most likely fall down to the 200-day SMA at 166.69.
© Dukascopy Bank SA
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