GBP/JPY 4H Chart: Ascending Triangle

The British Pound is gaining value against the Japanese Yen in an ascending triangle. Formation of this continuation pattern began after the currency pair broke out from the medium-term descending channel. By this moment, the triangle already has two reaction highs and three reaction lows, which indicate on the oncoming breakout. Since this is a bullish pattern, the rate is expected to leave it in an upward direction near the 142.34 mark. Such outcome is additionally supported by the presence of monthly S1 at 140.17, which proved to be a considerable barrier for the pair. On the other hand, it is also possible that the rate is going to fall and that would be in line with the general downtrend.