GBP/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Taking into account a failure to advance above the upper trend-line, the Pound commenced a gradual decline against the Japanese Yen. At the moment, it seems that the British currency is having some issues close to the daily PP at 182.85, the level which is also supported by the 55-day SMA from above. Despite that, technical indicators on the shortest time-frame suggest that bears will finally succeed in pushing the Sterling downwards and the pair is likely to touch pattern's support in the medium-term. According to 4H studies, a rebound may follow this move. Meanwhile, SWFX traders are completely undecided on the cross, as bullish and bearish positions are equally divided between traders.
© Dukascopy Bank SA
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