GBP/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the lowest level since March at 169.36 GBP/JPY started to reverse previous losses by forming a bullish channel. Yesterday (September 10th) the pair tried to penetrate the lower trend-line, which is also represented by 100-period SMA. Although, the attempt was unsuccessful and the pair bounced above the major level at 173. Yet, the technical studies are mixed; therefore, all of them are pointing sideways, suggesting that a period of consolidation is expected. Nonetheless, the majority (56.80%) of the SWFX traders are bearish. If the pair fails to consolidate above the 173 mark then a drawback towards the monthly PP at 172.38 is likely.
© Dukascopy Bank SA
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