GBP/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY has been tilted to upside since the beginning of November; however, a formation of the channel up pattern started only on December 4 when the currency couple increased the amplitude of its fluctuations. While vacillating within the pattern's boundaries, the pair attained more than a five-year high at 170.08 but it did not manage to consolidate at this level and shortly after tumbled to the lower limit of the pattern, near which it is trading now. Meanwhile, technical indicators send bullish signals for short and long terms nut point to a weakness in the medium term.
© Dukascopy Bank SA
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