Daily Forex Update: GBP/JPY

By: Dima Chernovolov

As you can see from the following chart – Autochartist recently identified the extended Triangle on the 4-hour GBP/JPY charts. Autochartist measures the Quality of this chart pattern at the 4 bar level – which is the result of the lower Initial Trend and Clarity (rated at the 4 and 1 bar levels respectively) and above-average Uniformity (7 bars).  Higher Uniformity reflect the even distribution of the price pivots on which this Triangle is based. GBP/JPY is likely to fall to the lower trendline of this chart pattern.

24052016dailyfximage1

As you can see from the daily GBP/JPY chart below – the price earlier reversed down from the strong resistance zone lying between the resistance level 162.40, upper daily Bollinger Band, 200-day moving average and 38.2% Fibonacci correction of the previous downward impulse from February. The proximity of this resistance zone increases the probability the pair will continue to fall inside this Triangle.

04052016dailyfximage2

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