GBP/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A drop under its 200-hour SMA to almost a two-week low of 150.54 on August 28, goaded the pair to start a sharp appreciation to hit more than a four-year high of 158.56 on September 11. However, GBP/JPY failed to sustain fast pace of its advancement and retreated slightly from the level of 158.56 to falter near the daily pivot point at 157.38. Currently, the pair is attempting to consolidate above the four-hour resistance at 157.58. If overcome GBP/JPY is likely to confirm the bullish traders' outlook and move to the next resistance zone at 157.82/96 (four-hour R2, R1), a rise above which will foster a jump to the daily resistance at 158.06.
© Dukascopy Bank SA
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