GBP/JPY 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Japanese Yen is moving in a descending triangle pattern against the Japanese Yen since May 31 and still has not broken out of it. At the moment, the currency pair is fluctuating around the level of 154. The pattern's lower trend line is located at 153.30 and if it is broken, then the currency will likely drop even further. A movement up is unlikely, as around the patterns upper trend line is a cluster of resistances represented by the monthly S1, 55 and 100-period SMAs. In addition, if the pair breaks out, there are no supports until 151.60, where the weekly S1 is located. All time frame aggregate technical indicators forecast a downfall for the Pound against the Japanese Yen. Among 28 signals for various time frames there are only three buy signals.
© Dukascopy Bank SA
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