Daily Forex Update: GBP/JPY

By: Dima Chernovolov

GBP/JPY continues to rise inside the uniform Up Channel chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (8 bars) and average Clarity (5 bars). GBP/JPY is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone shown below.

As can be seen from the daily GBP/JPY chart below, the price earlier reversed up from the support zone lying between the support level 145.40, lower upper daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from August. The proximity of this support zone increases the probability GBP/JPY will continue to rise inside this Up Channel.

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