GBP/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of March the Sterling has been trending downward relative to the Yen, and as long as the upper boundary of the channel is intact, the outlook will remain bearish. The current bullish correction should end near 182.50, from where GBP/JPY is expected to launch an attack on a dense demand area at 181.50, which proved its importance in February.
More significant levels, apart from the support trend-line at 181.00, can be found at 180.30 and 179.20. Meanwhile, the sentiment among the SWFX is neutral (52% of open positions are long), and a breach of 182.50 is likely to lead to a rally up to 183.30.
© Dukascopy Bank SA
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