GBP/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being that GBP/JPY has managed to maintain a generally bullish course since November, there is a 250-bar long channel up currently developing on the four-hour chart. Lately the currency pair has been moving north from the lower trend-line towards the upper edge of the pattern. As a result, within the boundaries of the bullish channel there is a smaller rising wedge being formed, suggesting we should expect a strong sell-off from the resistance at 175.08 down to the support at 170.90. If the demand there fails to underpin the pair, there is also the 200-period SMA and the weekly S2 at 168.25, which will be able to prevent any further losses and secure a long-term outlook.
© Dukascopy Bank SA
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