GBP/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY appears to be in a good position to advance north. First of all, the pair has recently broken the downward-sloping trend-line to the upside. Secondly, right now it is forming an ascending channel, which implies increasing demand for the Pound. Our base case scenario is a close above 170.15. This will pave the way for a rally to 171.91 yen, namely the weekly R1 level. The next target could be the weekly R2 at 174.33. However, if this scenario does not materialise and the price falls through 169, there is still a dense demand zone just below 168 yen, where the weekly PP merges with the 200-hour SMA and daily S2. Additional support is at 167, created by the daily S3 and January 26 low.
© Dukascopy Bank SA
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