GBP/JPY 4H Chart: Selloff to continue

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Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)BuyBuyBuy
Stochastic(5;3;3)NeutralBuyBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate⇘⇒⇒

[ANNOUNCE]The British Pound has been trending bearish against the Japanese Yen since February 24. The currency pair has edged lower by 14.34% in value during this period. [/ANNOUNCE]

As for the near future, the exchange rate will most likely continue to trade bearish. The GBP/JPY pair could target 2011 low level at 117.66 during the following trading sessions.

However, if the weekly S3 at 124.10 holds, the currency exchange rate might make a brief pullback towards the upper boundary of a descending channel pattern at 130.09 in the short-term.

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