GBP/JPY Technical Analysis: Range bound inside a monthly symmetrical triangle
|- GBP/JPY bounces off the short-term triangle support.
- An upside break of the formation can recall October highs while 137.50 could lure sellers below pattern’s support.
Following its one-month-old trading formation, GBP/JPY recovers to 139.80 by the press time of Friday’s Asian session.
The symmetrical triangle formation keeps prices under check between 139.50/45 and 140.35.
Pair’s recent pullback could push the quote towards pattern’s resistance, at 140.35 now, a break of which is likely a trigger for the fresh run-up to October high of 141.51. However, late-May high near 141.75 could question the pair’s further rise.
On the downside break of 139.45, October 16 low near 137.50 and 137.00 could stop sellers from targeting the September month top nearing 135.75.
GBP/JPY 4-hour chart
Trend: Sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.