GBP/JPY breaks channel pattern

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs29%27%5.6%
Shorts71%73%-2.3%
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralSell
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellSell
Aggregate⇘⇘⇒

[ANNOUNCE]The British Pound surged by 67 pips or 0.45% against the Japanese Yen on Friday. The currency pair breached the upper boundary of a descending channel pattern on Monday morning.[/ANNOUNCE]

Everything being equal, the exchange rate is likely to edge higher during this session. The potential target for buyers will be near the 151.00 level.

However, a resistance cluster formed by the weekly pivot point and the 200– hour simple moving average at 150.23 could provide resistance for the GBP/JPY currency exchange rate within this session.

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