GBP/JPY 4H Chart: Set for breakout - Trade Pattern Ideas - Dukascopy Bank
Thu, 21 Mar 2019 06:44:17 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Buy
RSI(14)
Buy
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Neutral
Alligator(13;8;5)
Sell
Buy
Buy
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇒
⇗
⇗
The British Pound has maintained a medium-term ascending channel pattern against the Japanese Yen since the beginning of January. This medium-term channel has guided the currency pair near a November high level at 148.58 during this time period.
The exchange rate was trading near the bottom border of the channel pattern during the morning hours of today's trading session and could be set for a breakout.
If this breakout occurs, bearish traders could push the currency exchange rate towards a psychological level at 144.00.
However, traders are advised to be careful before taking a trade because of the political event in the United Kingdom.
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