GBP/JPY could break channel - Technical Analysis - Dukascopy Bank
Tue, 27 Apr 2021 06:56:11 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
29%
29%
2.1%
Shorts
71%
71%
-0.9%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Buy
RSI(14)
Neutral
Neutral
Sell
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Buy
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇒
The Pound Sterling surged by 78 pips or 0.52% against the Japanese Yen on Monday. The currency pair breached a resistance cluster at 150.23 during yesterday's trading session.
The exchange rate is currently trading near the upper line of a descending channel pattern at 150.34.
If the channel pattern holds, bearish traders are likely to pressure the GBP/JPY pair lower today.
However, if the currency exchange rate breaks the descending channel, a surge towards the weekly R1 at 151.41 could be expected within this session.
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