GBP/JPY could break channel pattern - Technical Analysis - Dukascopy Bank
Mon, 12 Apr 2021 07:07:01 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
30%
30%
-0.2%
Shorts
70%
70%
0.1%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Buy
RSI(14)
Neutral
Neutral
Sell
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Neutral
Buy
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇘
⇒
⇗
The GBP/JPY currency pair bounced off a support level at 149.65 on Friday. As a result, the British Pound surged by 128 pips or 0.85% against the Japanese Yen during Friday's trading session.
The exchange rate is currently trading near the upper line of a narrow descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly pivot point at 151.08 could be expected today.
However, if the channel pattern holds, bearish traders could continue to pressure the currency exchange rate lower during the following trading session.
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