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Daily Forex Update: GBP/JPY

Published 04/11/2014, 05:55 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY continues to fall after recently reversing down from the upper resistance trendline of the daily Triangle chart pattern that was earlier identified by Autochartist – as can be seen form the following trade alert for this currency pair. GBP/JPY is expected to break this Triangle and then to fall to the target level 168.15 (point A) in 4 days. Autochartist set the stop-level for this forecast at the latest reversal high (173.15). This point formed when the pair reversed down from the resistance area surrounding the resistance level 173.00 – which has been reversing GBP/JPY from January (as you can see on the second chart below).

GBP/JPY

The following daily GBP/JPY chart shows the earlier price action near the resistance level 173.00:

GBP/JPY Daily Chart

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