quantguy
Long

JPYGBP Breakout Pattern

FX_IDC:JPYGBP   JAPANESE YEN / BRITISH POUND
As we can see from the chart, there's been quite a bit of consolidation over the past few days, in the short term, and since mid September in general. The big rally at the end of August constitutes the poll of a (rough) flag pattern . Note further the slightly higher lows, also indicative of an impending breakout.

Next, we see that the Ichimoku cloud illustrates tremendous support at the current level, whereas there's a relative vacuum from above. Further, notice the three bar pullback from the bullish rally on 10/27, suggesting this asset might be preparing for another rally.

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