GBP/JPY is trapped within a minor down-channel pattern. It’s traded at 155.09 level and is trying to stay near the resistance area. A valid breakout could really signal an upside continuation. In the short term, the pressure remains high.
The pair was into a corrective phase after reaching 156.07 high. Now, the pair moves sideways trying to attract more buyers before jumping higher. The outlook is still bullish despite the most recent decline.
GBP/JPY H4 Chart Technical Analysis!
GBP/JPY has registered only false breakouts above the downtrend line, above the channel’s resistance. The bias is bearish as long as it stays below this dynamic resistance and under the R1 (155.32).
The support is seen at the median line (ml) of the descending pitchfork. It has failed to stabilize below it in its previous attempts.
Conclusion!
Making a valid breakout above the downtrend line and through the R1 (155.32) could announce an upwards movement at least until the descending pitchfork’s upper median line (uml).
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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