TheAnalyst
Long

Upward breakout towards new GBP peaks likely

FX:GBPJPY   British Pound / Japanese Yen
20 0 1
Although candle analysis indicates market consolidation towards a potential top, price action indicates a donchian channel breakout in the next 5 trading sessions. The SMI             indicates market indecision rather than consolidation, following a strong buy a signal 2/03, it seems that price action is likely to continue higher if it breaks the 172.00 reisitance point.
There is a possibility that countertrend trading will create whipsaw, but a increasing trend of price support indicates bullish sentiment. Should the market break through this line (sloped, indicated in green), and penetrate the donchian channel at 164.00, a short down trend is expected before the next major upward move.
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