GBP/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although at the moment the Pound is recovering, the rally is highly unlikely to extend beyond 179.44. The upside potential is limited by the four-week down-trend line coupled with the weekly R1 and Jan 27 high. Additional significant supplies areas are situated around 180.28 (monthly PP and Jan 20 high) and around 180.95 (weekly R2, Jan 8 high and 200-period SMA). GBP/JPY is expected to make a U-turn in the nearest future and start targeting the lower boundary of the negatively-sloping channel, which it will probably meet near the round level of 175. Meanwhile, the SWFX sentiment is neutral: 49% of open positions are long and 51% are short.
© Dukascopy Bank SA
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Wed, 04 Feb 2015 07:02:57 GMT

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