GBP/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY left 125.51, the October low, inside of an ascending channel pattern, which is currently trying to restrict the pair's movements from the downside. The rate has set a support level at 143.23 and an upside cap at 145.52, and it will have to either break one of them or exit the channel in its next movements. Other than the 145.52 area showing tough resistance, we have little reason to believe that the channel has lost its strength, therefore we will look for a surge towards the upper trend-line at 148.11 after 147.94 is broken.
© Dukascopy Bank SA
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