GBP/JPY 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY has been gradually climbing following a slump to a three-month low of 163.90 early February that took place after the currency couple started to form an ascending triangle pattern.
GBP/JPY is currently nearing the apex that is a sign of a looming breakout. However, now it seems too early to be sure about when the real breakout will occur. Despite a possible weakness in the nearest future, the pair is likely to be strong enough to remain within the pattern even if it will confirm traders' expectations and face some losses in the nearest future. According to the SWFX data, around 56% of market players are bearish on the pair.
© Dukascopy Bank SA
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