GBP/JPY 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp sell-off to break the annual downtrend upon the Brexit vote, GBP/JPY consolidated inside of a descending triangle. The pair is currently targeting the 129.39 support level, one that has not been relevant since November 2012 and that would induce a slip at least to 127.97, but - based on the significance of the established demand zone – a dive as low as 126.72 can be expected. It remains however unclear whether the pattern has reached its maturity and will be broken during the current downward motion, leaving room for prospects of a ranging market over the next few weeks. In case the pattern does hold, a bounce from the aforementioned support will result in an ultimate target around 136.22 with hitches at 130.40, 131.21, 131.78 and 133.74 respectively.
© Dukascopy Bank SA
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