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
 

    1. R3 143.75
    2. R2 143.2
    3. R1 142.83
  1. PP 142.27
    1. S1 141.91
    2. S2 141.35
    3. S3 140.99

 

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