GBP/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp advance by GBP/JPY that occurred between mid-August and the end of September pushed the pair to a four-month high. Having reached this high, the pair lost momentum and started an accelerating decline, forming a Channel Down pattern. The pair has been vacillating between downward sloping lines for 114 hours and is likely to continue depreciating as suggested by the SWFX data indicating that 51.09% of all orders are placed to sell the currency pair. At the same time, GBP/JPY may belie traders' outlook by extending its rally that helped the pair to rebound from a one-month low hit on October 7.
© Dukascopy Bank SA
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