GBP/JPY 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/JPY is struggling at the crucial level, represented by pattern's support. A move below 169.66 will mean a long period of depreciation, while in case of a pullback, the pair will continue fluctuating between two horizontal trade lines. Market sentiment is not clearly marked, while technicals are supporting the case for pair's depreciation. At the same time, statistically, a breakout occurs in the opposite direction to the price trend in 55% of the time. Nevertheless, the scenario is bearish, and in case all weekly supports are penetrated, then short traders will aim at March 18 low at 167.79, which can be considered as a key level for short traders.
© Dukascopy Bank SA
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Thu, 29 May 2014 12:44:24 GMT

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