GBP/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 341-bar long channel up pattern shaped by GBP/JPY has been already described in the earlier releases of Trade Pattern Ideas; however, now it is worth looking at the pattern once again as the pair has started an accelerating decline two bars ago and has already breached its 50-bar SMA. The widening distance between more than a four-year high touched in mid-September and the current level may, if the trend continues, take GBP/JPY below its 200-bar SMA and even below support zone at 157.34/28 (daily R3; four-hour R3) that is the last defence against a massive sell-off towards the lower boundary of the pattern.
© Dukascopy Bank SA
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