GBP/JPY 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
With limited movements beneath 129.396, a level unbroken four years already, GBP/JPY managed to build up some bearish potential within a descending triangle formation. The aforementioned support being the next target, the pair could express its weakness in a close below the level, with a dip towards 127.97 or 126.72 coming next. In case, however, the pair proves stronger than the levels on its way south, the upper trend-line of the triangle around 136.50 would become the next conquest. Two resistance areas would take a shot at the pair on the way, causing levels 133.74/80 and 135.47/64 to become a distraction. A SELL signal produced by the 55-period and 100-period SMA crossover does, however, leave little potential for this scenario.
© Dukascopy Bank SA
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