GBP/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a channel down pattern against the Japanese Yen since the evening of June 24, and the pattern started forming just after the results of the UK's referendum results were announced. At the moment, the pair has confirmed the support trend line, and it is moving north at 1.310.00. On its way up to the pattern's upper trend line the currency exchange rate faces the first weekly support line at 133.36 and all of the SMAs. However, aggregate technical indicators forecast no change for the pair during the day. In addition, traders are neutrally bullish on the pair, as 52% of open positions are long.
© Dukascopy Bank SA
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