GBP/JPY 30M Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY broke tough support at 143.84, along with a descending triangle, suggesting that the downtrend could be sustainable, possibly after taking up a motion of slightly less steepness. A bearish crossover between the 55 and 200-hour SMAs could help the pair maintain its weakness to pass support at 142.59 and dive even more. There will then be little to stick on to until 141.61, the monthly S1 with more downside risk at 141.26. A bullish wave would most likely come due to the steeply bearish nature of the downfall which might require some sort of consolidation before a further dip is executed.
© Dukascopy Bank SA
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