GBP/JPY 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a false break on the upside, the October 6 "Flash Crash" managed to push GBP/JPY below the descending triangle, going on to a correction of the violated 129.41 level, just to extend the dip along with the newly formed downtrend. The triangle formed over a three-month period, gaining enough strength to make the breakout count. Gaining some slanted resistance, the pair sketched a channel-like formation that still requires confirmation. We see the pair consolidating for the next few periods, before it manages to push through the 128.06/127.49 demand area, and potentially confirm the newly formed channel support around 127.00. In case the pattern does not gain enough strength to limit the pair's weakness for a flatter motion, 124.16 will become the next ultimate target.
© Dukascopy Bank SA
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