GBP/JPY could break channel - Technical Analysis - Dukascopy Bank

Tue, 27 Apr 2021 06:56:11 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs29%29%2.1%
Shorts71%71%-0.9%
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralSell
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellSell
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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