GBP/JPY 1H Chart: Channel Up

GBP/JPY has remained distinctly bullish for almost a whole month after bottoming out at 169.50 in May. And, as evidenced by the technical indicators (bearish in the short run and bullish in the long run), the upward momentum is soon to prove its sustainability once again. As a result of a downward correction, the rate is approaching the lower trend-line of the upward-sloping channel at 172.50. If this support manages to underpin the price, just as it did on May 29 and on Jun 11, the Sterling will be expected to pierce through the immediate resistance at 173.25 (daily PP and 200-hour SMA) and through the Jun 20 high at 174 to reach the upper boundary of the channel at 174.50.