GBP/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY was fluctuating near a five-year high of 174.94 during almost five months ended late April when the currency couple was trapped by two downward sloping lines.
Now the pair is retreating from the upper limit of the 131-bar long channel down pattern but given that more than two thirds of traders on the SWFX hold a bullish view, GBP/JPY may halt its losing streak and may even try to re-approach the pattern's resistance, above which the pair may see an accelerated advancement.
© Dukascopy Bank SA
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