GBP/JPY Technical Analysis: Falling channel breakout
|GBP/JPY is looking north, having confirmed a falling channel breakout with a convincing move above 142.50.
4-hour chart
- As seen in the line chart above, the pair has found acceptance above the upper edge of the falling channel.
- The breakout indicates the pullback from the Jan. 25 high of 144.84 has ended and the bulls have likely regained control.
- It also validates the bullish view put forward by the long-tailed doji candle of last Thursday.
- The pair could rise above 143.00 in the next 24 hours. The bullish view would be aborted if the pair finds acceptance below 142.50.
Trend: Bullish
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