Dukascopy Bank Team
Dukascopy Bank SA
GBP/JPY 1H Chart: Channel Up
Comment: So far the GBP/JPY cross has not experienced major problems in building another leg down as a part of correction inside the channel up pattern. However, just shortly the Pound will encounter the weekly PP, which will have an opportunity to stop a slide in value and reverse the pair back to the North. In case of a failure here at 160.19, however, the likelihood of a plunge to the green boundary of the pattern will increase immediately. From the trend-line, currently at 159.35, we foresee a strong recovery back towards the red uptrend at 163.54. In the meantime, technicals on all time-frames are giving completely mixed signals. On top of that, GBP/JPY’s sentiment in the SWFX market is 50/50% neutral.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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