GBP/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is surging in an ascending channel pattern against the Japanese Yen, as the currency exchange rate has broken out of a long term descending channel patter. However, most recently the pair traded in as broadening ascending wedge pattern, as the rate continued to surge, while actually moving from the ascending channel's resistance line to its support line. The rate has also one more particular characteristic, which is that it is at its historical high levels, as there are only three levels of significance, which provide resistance to the Sterling. Meanwhile, by taking a look at the market sentiment it can be seen that the rate can freely surge, as it is far from being overbought. Actually, 58% of open positions were short on Thursday.
© Dukascopy Bank SA
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