GBP/JPY 4H Chart: Targets at 133.19 - Trade Pattern Ideas - Dukascopy Bank
Thu, 08 Aug 2019 06:03:13 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Buy
Stochastic(5;3;3)
Neutral
Neutral
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇒
During the past two weeks, the British Pound has depreciated about 5.10% in value against the Japanese Yen. The currency pair reversed from the upper boundary of a descending channel pattern at 135.00 on July 25.
As for the near future, it is likely that the GBP/JPY exchange rate will try to regain some of its lost positions. The potential upside target will be at the 133.19 area, which is the upper band of the descending channel.
However, a resistance cluster formed by the 50– hour simple moving average and the weekly pivot point at 131.14 could hinder bulls from pushing the currency exchange rate higher during the following trading sessions.
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