GBP/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the previous time we looked at GBP/JPY, the currency pair has nearly completed the bearish correction, and we prepare for a rally. The present sell-off from 186.36 (monthly R1 and resistance line) should bottom out around 183.50, where the lower boundary of the channel coincides with the monthly pivot point. The target will then be the last month's peak at 188.40.
If demand proves to be insufficient to trigger a recovery in the nearest future, the decline will likely extend down to 180.50 (September low). Additional support is at 178.40, represented by the monthly S1. Meanwhile, the SWFX sentiment is distinctly bullish: 66% of open positions are currently long.
© Dukascopy Bank SA
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