GBP/JPY 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY is bullish, as it has just confirmed a potential lower boundary of the emerging channel. The nearest challenge for a rally is at 188.23 yen, where the Sterling is to encounter the monthly pivot point, followed by a more difficult obstacle at 196, which did not allow the price to move higher neither in June nor in August. A bearish correction is expected to start once the Pound reaches the upper trend-line at 200, strengthened by the monthly R2 level. Violation of support at 181 will invalidate the positive bias, and in this case we will look for a test of dense demand areas at 176 and at 169.50. Meanwhile, the sentiment is neutral: 52% of positions are long and 48% are short.
© Dukascopy Bank SA
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