GBP/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
So far the GBP/JPY cross has not experienced major problems in building another leg down as a part of correction inside the channel up pattern. However, just shortly the Pound will encounter the weekly PP, which will have an opportunity to stop a slide in value and reverse the pair back to the North. In case of a failure here at 160.19, however, the likelihood of a plunge to the green boundary of the pattern will increase immediately. From the trend-line, currently at 159.35, we foresee a strong recovery back towards the red uptrend at 163.54. In the meantime, technicals on all time-frames are giving completely mixed signals. On top of that, GBP/JPY's sentiment in the SWFX market is 50/50% neutral.
© Dukascopy Bank SA
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