GBP/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A recovery of GBP/JPY started after the slump to a two-month low of 163.87 that took place in early February; however, the pair entered a bullish channel only few days later as ‘golden cross' gave the pair additional impetus for a climb.
Now the pair is trading slightly below the lower trend-line of the pattern as the 50-hour SMA at 170.71 is preventing the currency couple from coming back to the tunnel. However, GBP/JPY is likely to prove that the breakout was false by re-entering the channel in the foreseeable future. Although technical indicators are strongly bearish in the short-term, they point to a possible advance in medium and long terms.
© Dukascopy Bank SA
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