GBP/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached more than a five-year high of 174.95 in the first trading session of 2014, the British Pound reversed its trend and commenced a long losing streak against the Japanese Yen. Whilst retreating, the pair formed a channel down pattern that at the moment of writing was 195-bar long.
Now the currency pair is sitting below its 50-hour SMA, albeit slightly and taking into account that more than two thirds of traders bet on appreciation of the pair, we may expect GBP/JPY to approach the 50-hour SMA that if overcome will open the way to the next resistance represented by the 200-hour SMA that now is meandering at 171.30.
© Dukascopy Bank SA
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