GBP/JPY 30M Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY sketched a bottom boundary to the downtrend of two days, creating a channel down to guide future movements. While the bottom boundary of the pattern in not particularly strong, we expect the trend to continue, setting the next target at 142.27 where the lower boundary lies. Short-term SMAs have conclusively stepped under the long-term ones, which suggests that the pair could follow the channel even lower, e.g. 142.02 at first, and it is consistent with the head and shoulders formation on the daily chart. However, if the channel breaks to the upside, 142.93 will be the first area to cut the losses after 142.72 is battled successfully.
© Dukascopy Bank SA
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