GBP/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a bullish channel emerging in the hourly chart of GBP/JPY. In the short run, however, the pair may face difficulties advancing beyond 186.40, where the rising resistance line merges with the monthly R1. Accordingly, we expect a decline back to 184.20 or possibly to 183.50 before the bulls regain control of the market. A close above 186.40 will imply further recovery, potentially up to the September high at 188.40. At the same time, if the pair breaches support at 183.50, the price will be expected to keep sliding lower until it hits 180.50, namely the last month's minimum. The SWFX traders' sentiment is strongly bullish: 70% of positions are long.
© Dukascopy Bank SA
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