- GBP/JPY remains trapped in a falling channel on the 4-hour chart.
- A breakout would mark a resumption of the uptrend from 132.00.
GBP/JPY is trading near 134.72 at press time, representing a 0.12% gain on the day.
The pair is still trapped in a falling channel represented by trend lines connecting July 9 and July 13 highs and July 10 and July 14 lows, as seen on the 4-hour chart.
A breakout would imply a resumption of the rally from the June 30 low of 132.02 and open the doors for a re-test of the recent high of 135.92.
Some would argue that a close above 135.17 would be more credible evidence of the revival of the bullish trend. That sounds logical, as a close above 15.17 would mean the period of indecision, as represented by Thursday’s Doji candle, has ended in a victory for the bulls.
As such, the channel resistance at 134.78 and Thursday’s high of 135.17 are the level to watch out for during the day ahead.
On the downside, the July 14 low of 133.98 is the level to beat for the sellers.
Trend: Teasing bull breakout
|Today last price||134.72|
|Today Daily Change||0.07|
|Today Daily Change %||0.05|
|Today daily open||134.64|
|Previous Daily High||135.17|
|Previous Daily Low||134.06|
|Previous Weekly High||135.92|
|Previous Weekly Low||134.03|
|Previous Monthly High||139.74|
|Previous Monthly Low||131.77|
|Daily Fibonacci 38.2%||134.75|
|Daily Fibonacci 61.8%||134.48|
|Daily Pivot Point S1||134.08|
|Daily Pivot Point S2||133.51|
|Daily Pivot Point S3||132.96|
|Daily Pivot Point R1||135.19|
|Daily Pivot Point R2||135.74|
|Daily Pivot Point R3||136.3|
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.