GBP/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY is currently struggling to move past resistance at 188.40, represented by the September high. Still, the overall outlook remains bullish. The currency pair has formed a well-defined ascending channel, which implies that losses are to be limited by the trend-line at 186.20, while the risks are skewed to the upside. The positive bias is also confirmed by the daily technical indicators. Additional ‘buy' signal is the fact that the Sterling is oversold—58% of open positions in the SWFX marketplace are short. On the other hand, should the price fall below 186.20, the initial major support will be at 185.45 (200-period SMA), followed by the weekly S2 and monthly PP at 184.50.
© Dukascopy Bank SA
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