GBP/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting 154.06 on July 24, GBP/JPY has formed a channel up pattern, which is on the brink of a breakout. The pair is currently changing hands at 157.38, just 36 pips above the support line. However, from the upside the pair is bounded by a 200-bar SMA at 157.75. Hence a move of just 30-40 pips in any direction may determine pair's future performance. According to technical indicators, we might see a retest of the support line in the nearest future, while in a longer term the appreciation of the Pound versus the Yen is still expected. Meanwhile, 56% of traders are holding short positions, reinforcing a view a short term outlook is bearish.
© Dukascopy Bank SA
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