GBP/JPY Technical Analysis: Falling channel breakout

Omkar Godbole FXStreet Contributor

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
PP 142.27
1. S1 141.91
2. S2 141.35
3. S3 140.99

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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