GBP/JPY 4H Chart: Reveals dominant pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Buy Sell
Alligator (13; 8; 5) Neutral Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The Pound continued to trade in the previously charted channel down pattern against the Japanese Yen until November 10. A rebound then broke the pattern before the rate declined down to the monthly S1 at the 148.15 mark. 

The rebound from this monthly pivot level revealed the existence of a lower trend line of a possible large scale channel down pattern. However, its upper trend line has not been confirmed, as it is drawn only by using the October high level to draw a parallel line. 

However, in regards to the short term, the pair is being squeezed in by various levels of significance surrounding the 149.50 mark.

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