Daily Forex Update: GBP/JPY
By: Dima Chernovolov
GBP/JPY continues to fall inside the hourly Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 3-bar level – which reflects the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and medium Clarity (5 bars). GBP/JPY is expected to fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.
As can be seen from the daily GBP/JPY below, the price recently broke through the key support level 140.00 (which stopped the sharp downward impulse in the middle of August). This price level is acting as strong resistance level after it was broken. The proximity of this resistance level increases the probability GBP/JPY will continue to fall inside this Down Channel.
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