GBP/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a descending channel pattern against the Japanese Yen. At the moment, the currency exchange rate is in the middle of the pattern at 135.07. In accordance with the descending channel pattern, the pair is set to move lower. However, the GBP/JPY pair is struggling with the 55-hour SMA at 134.91, and it will have to pass the first weekly support line at 133.30 until it can set its course to the pattern's support line at 132.52. Daily aggregate technical indicators forecast a downfall for the exchange rate during today's trading session. In the meantime, SWFX trader sentiment is almost neutral, as 51% of open positions are short.
© Dukascopy Bank SA
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