GBP/JPY 4H Chart: Guided by narrow channel - Trade Pattern Ideas - Dukascopy Bank
Thu, 16 May 2019 05:17:01 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Buy
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇒
⇘
A narrow descending channel pattern has guided the British Pound lower against the Japanese Yen since last week's trading sessions.
The exchange rate is currently testing a support cluster formed by the combination of the weekly and the monthly pivot points at 140.23.
If this support cluster holds, a breakout through the upper boundary of the narrow descending channel pattern might occur within this session.
However, if the currency exchange rate passes the monthly and weekly PPs as mentioned earlier, a decline towards the 136.00 mark could be expected in the short-term.
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