GBP/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Yen has experienced a steep appreciation versus the majority of currencies, including the Sterling, since the middle of August. Therefore, GBP/JPY cross lost more than 14 figures in just three weeks. The channel down pattern is a direct consequence of this sharp downward development. Losses are likely to extend in the foreseeable future, as the pair is approaching the pattern's upper boundary, which guards many other resistances in the range between 182.50 and 182.90. Among technical indicators, daily studies also suggest the Pound will depreciate in course of the next 24 hours. In the meantime, market participants are still positive with respect to GBP/JPY, as 60% of all open positions are long.

© Dukascopy Bank SA
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