GBP/JPY 4H Chart: Sets for breakout - Trade Pattern Ideas - Dukascopy Bank
Thu, 23 May 2019 05:29:38 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Buy
Neutral
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
The British Pound has depreciated about 1.52% in value against the Japanese Yen during last week's trading sessions. The currency pair has tested the lower boundary of a descending channel pattern at 139.46.
The exchange rate is currently trading near the bottom border of the descending channel at 139.46 and could be set for a breakout.
If this breakout occurs, the GBP/JPY pair could continue its decline during next week's session.
However, if the support level holds, the pair will make a retracement towards a resistance cluster at 142.09 in the shorter term.
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