© Dukascopy Bank SA
A triple bottom implies that the Sterling will shortly soar versus the Japanese Yen. The pair is trying to find basis for growth at the moment, namely a sustainable demand line. It seems that the Pound is required to consolidate above the daily pivot point and 100/55-hour SMAs at 155.20 in order to affirm bullish expectations. Meanwhile, the pattern's lowest valley is backed only by the daily S1, which is risky from the perspective of the bulls, as they will attempt to avoid a setback down there. However, this is unlikely for now, given that the daily technical studies are giving signals to buy the UK currency in the majority of cases, while the SWFX market sentiment is 53% positive.
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