Daily Forex Update: GBP/JPY

By: Dima Chernovolov

GBP/JPY continues to rise after the earlier breakout of the clear daily Ascending Triangle chart pattern which previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which is the result of the slow Initial Trend (4 bars), above-average Uniformity (6 bars) and strong Clarity (9 bars). GBP/JPY is expected to rise further toward the forecast price 155.03.

As can be seen from the daily GBP/JPY chart below, the breakout of this Ascending Triangle coincided with the breakout of the key resistance level 153.00 (which has been steadily reversing the pair from last September). This price level is acting as support after it was broken. The proximity of this support level increases the probability GBP/JPY will continue to rise toward the forecast price 155.03.

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