GBP/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a good chance for a bullish channel to emerge on the hourly chart of GBP/JPY. And even though at the moment the length of the potential up-trend lines is fairly short, as it does not exceed 50 bars, both boundaries of the pattern have been respected by the market already on several occasions.
Accordingly, the sell-off of the British Pound should turn out to be a bearish correction within an up-trend and come to an end near 170.80. The four-hour technical indicators support this positive scenario, as many of them are presently bullish; however, the daily studies are mostly giving ‘sell' signals, suggesting the up-move may turn out to be short-lived.

© Dukascopy Bank SA
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