GBP/JPY 4H Chart: Rectangle From Above

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound has formed a rectangle from above pattern against the Japanese Yen post-Brexit. At the moment, the currency exchange rate is at 139.82, which is near the pattern's upper trend line at 141.84, against which it has been struggling for some time. In addition, the pair is now struggling with resistance provided by the weekly PP at 140.00. In accordance with the pattern, the exchange rate is set to move to the pattern's support line at 128.75. However, on its way down, the GBP/JPY pair would face three weekly resistances respectively at 137.58, 135.94 and 133.53 and the 55 and 100-period SMAs at 139.72 and 136.73. In the meantime, daily aggregate technical indicators forecast no change for the pair today.
© Dukascopy Bank SA
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