GBP/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling received support from the first daily demand line at 172.19, which was earlier reinforced by 100-hour SMA. Market expectations are improving, and even technical indicators provide us with an aggregate bullish signal for the next 24 hours. SWFX traders are also favouring an increase in the value of the Pound in 56% of all cases. A rise above 55-hour SMA/daily PP will expose the first weekly resistance at 175.50, which guards the pattern's red trend-line at 176.36. Alternatively, we are not ruling out the case of a down-leg being resumed by GBP/JPY. In this situation the bears should target weekly PP/200-hour SMA at 171.24/170.93, followed by weekly S1 at 168.30.
© Dukascopy Bank SA
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