GBP/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound is likely to continue appreciating relative to the Japanese Yen. Right now GBP/JPY is trading between two well-defined parallel trend-lines, and there are no major resistances ahead. The nearest such historically important level is as far as 215.86, where the currency pair made a U-turn back in July of 2008. Nevertheless, we expect a correctional sell-off to start in the vicinity of 200 yen. We also should not rule out a small dip in the short run, down to 193.43, before the pair starts forming an up-leg. As for the sentiment of the SWFX market, the traders are mostly bearish towards the Sterling. At the moment 70% of open positions are short.
© Dukascopy Bank SA
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