HomeContributorsTechnical AnalysisGBP/JPY Could Break Channel

GBP/JPY Could Break Channel

The Pound Sterling surged by 78 pips or 0.52% against the Japanese Yen on Monday. The currency pair breached a resistance cluster at 150.23 during yesterday’s trading session.

The exchange rate is currently trading near the upper line of a descending channel pattern at 150.34.

If the channel pattern holds, bearish traders are likely to pressure the GBP/JPY pair lower today.

However, if the currency exchange rate breaks the descending channel, a surge towards the weekly R1 at 151.41 could be expected within this session.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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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