Due to new developments on the GBP/JPY pair, a review of the situation is proposed by Dukascopy. As expected during the previously published trade pattern idea publication, the rate bounced off the support of the dominant pattern, which is a descending triangle.
As a result of that move a surge began. Recently it was discovered that the surge has been occurring in a short term ascending channel pattern, which is aimed at the upper trend line of the falling triangle.
Most likely the rate will reconfirm the resistance of the triangle and bounce off it. Afterwards it can be expected that the rate will eventually reach the support of the 38.20% Fibonacci retracement level at the 138.50 mark.
As a result of that move a surge began. Recently it was discovered that the surge has been occurring in a short term ascending channel pattern, which is aimed at the upper trend line of the falling triangle.
Most likely the rate will reconfirm the resistance of the triangle and bounce off it. Afterwards it can be expected that the rate will eventually reach the support of the 38.20% Fibonacci retracement level at the 138.50 mark.