GBP/JPY 4H Chart: Heading lower

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The Pound has made another rather unpredictable move against the Japanese Yen. However, this fundamental event dominated currency exchange rate can still be charted. 

On a larger scale the pair has broken a channel up pattern and revealed a channel down pattern. The whole move has occurred in the borders of an even larger scale ascending channel pattern. 

Meanwhile, the main focus is on the four hour chart, where a junior descending pattern is guiding the rate down to the combined support of the weekly and monthly S1s, which are likely o be reached soon.

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