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Daily Forex Update: GBP/JPY

Published 04/01/2014, 05:29 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY continues to rise inside the daily Triangle chart pattern that was earlier identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. GBP/JPY is set to rise further to the target level 173.58 in the next 4 trading days. Autochartist set the stop-level for this forecast at 168.15. The bottom of this Triangle formed earlier – when the price reversed up with the weekly Hammer from the combined support zone lying at the intersection of the weekly support trendline from 2012 and 38.2% Fibonacci Correction of the latest upward impulse from last June (as is shown on the second chart below).

GBP/JPY

The following weekly GBP/JPY chart shows the aforementioned support levels:

GBP/JPY Weekly

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