GBP/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a descending channel pattern against the Japanese Yen, as the currency exchange rate has reached the pattern's resistance line at 132.45, confirming it for the second time. In accordance with the pattern, the currency pair is set to move lower to the pattern's lower trend line. On its way down the rate will not encounter any other support levels, as the way to the pattern's support line at 131.55 is free. In addition, the support line is strengthened by the first weekly support at 131.50. In addition, aggregate technical indicators forecast a downfall for the pair on an hourly, four hour and daily timeframe, which indicates that the movement lower of the pair will most likely be steady.
© Dukascopy Bank SA
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