GBP/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similar to the vast part of JPY-crosses, this currency pair is also gaining strong value due to several fundamental and technical factors. At the same time, the recent fast pace of GBP/JPY's rise slowed considerably and the pair has been trading sideways since November 3. At the moment it is nearing the lower boundary of the bullish channel at 180.96, which is unlikely to be crossed. The demand area is strengthened by weekly pivot point and 55-period SMA from above. Technical indicators give confident bullish signals in short and medium-term. Even though market sentiment is mixed with 47% of bullish positions, we expect the Pound to advance against the Japanese yen.
© Dukascopy Bank SA
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