GBP/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling has been outperforming the Yen lately, but for now this should be viewed only as a correction in a bearish market, since none of the important resistances have been broken yet. Consequently, while the overall bias is negative, the short-term outlook is positive, which is confirmed by the hourly and four-hour technical indicators, and the up-trend (currently at 177.22) is likely to keep guiding the currency pair further north. This recovery is expected to end either near 179 (weekly R1) or even more likely near 180, which has already proven its worth earlier this month. As for the SWFX traders, they are undecided with respect to the pair. At the moment 49% are long and 51% are short the Pound.
© Dukascopy Bank SA
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