GBP/JPY declines in large channel

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Source: Dukascopy Bank SA


Since January 12, the GBP has been declining against the Japanese Yen in a large scale channel down pattern. The decline started, as the rate bounced off the 2022 high level of January 5 at 157.80. Most recently, on January 24, the rate bounced off the pattern's lower trend line and started a recovery that encountered the 50-hour simple moving average.

In the case that the rate passes the 50-hour simple moving average near 153.80, a move to the upper trend line of the pattern and the 154.50 might occur. Although, take into account that the pair might be stopped by the 154.00 mark, which acted as support on January 21.

However, a potential decline from the simple moving average would look for support in the combination of the weekly S1 simple pivot point at 153.06 and the 153.00 level. Below these levels, there was no close by support. Due to that reason, the lower trend line of the pattern might be reached. Meanwhile, note that the round price effect of the 152.50 might act as support.
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