GBP/JPY 4H Chart: Set for breakout - Trade Pattern Ideas - Dukascopy Bank
Thu, 20 Jun 2019 05:51:43 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Buy
Stochastic(5;3;3)
Sell
Neutral
Buy
Alligator(13;8;5)
Neutral
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇒
The Pound Sterling edged lower by 1.98% in value against the Japanese Yen during last week's trading sessions. The currency pair bounced off from a support level at 135.38 on June 18.
The exchange rate was trading near the upper boundary of a descending channel pattern at 136.55 and could be set for a breakout.
If this breakout occurs, a surge towards a resistance level formed by the 200-hour simple moving average could follow.
However, the combination of the 50– and 100-hour SMAs at 137.37 might hinder the currency exchange rate progress during next week's trading sessions.
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