GBP/JPY 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank
Thu, 06 Jun 2019 04:55:38 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)
Neutral
Neutral
Buy
Alligator(13;8;5)
Neutral
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇘
The GBP/JPY currency pair has been depreciating in a descending channel pattern since the beginning of May. The exchange rate reached a six-month low during this week's trading sessions.
As for the near future, it is likely that the British Pound will continue to edge lower against the Japanese Yen. The potential downside target will be near a support level formed by the weekly S1 at 135.72.
However, given that a breakout had occurred through the upper boundary of the descending channel pattern, bullish traders could push the currency exchange rate towards the 200-hour SMAs at 141.67 in the nearest future.
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