GBP/JPY 4H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank

Thu, 17 Oct 2019 05:55:17 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)SellSellNeutral
Stochastic(5;3;3)NeutralSellSell
Alligator(13;8;5)BuyBuyNeutral
SAR(0.02;0.2)BuyBuyBuy
Aggregate

Bullish impulse has dominated the British Pound against the Japanese Yen since last week's trading sessions. The currency pair has appreciated about 6.60% in value during this period.

As for the near future, the GBP/JPY exchange rate could make a brief retracement towards the 136.90 region, which was a previous resistance level, that will act as a new support line.

However, if the UK Prime Minister Boris Johnson secures the Brexit agreement, strong upside momentum could be expected within the following trading sessions.


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