GBP/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the long-term moving average failed to keep the currency afloat late January, bears took control of the market and started a sell-off that later on developed into a channel down pattern. Accordingly, we should expect the falling resistance line, which is currently at 168, to guide the price further south. However, considering that GBP/JPY has recently hit the lower boundary of the corridor, a rally in the short run is highly probable. This is also implied by the situation on the hourly chart, where the price has just formed a double bottom pattern, which also speaks in favour of a surge. Still, the market appears to be undecided—52% of open positions are long and 48% are short.

© Dukascopy Bank SA
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