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Daily Forex Update: GBP/JPY

Published 07/31/2014, 03:37 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY continues to rise after the recent breakout of the high-quality Falling Wedge chart pattern that was earlier identified by Autochartist – as you can see below. GBP/JPY is expected to reach the target level 174.87 in the nearest time. The stop-level for this forecast can be placed at 173.30 (below the breakout level). This Falling Wedge breakout follows the earlier reversal from the support zone located between the support level 173.00 and 50% Fibonacci Correction of the preceding sharp upward impulse from May (as is shown on the second chart below).

GBP/JPY Chart

The daily GBP/JPY chart below shows the aforementioned support levels:

GBP/JPY

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