Daily Forex Update: GBP/JPY

By: Dima Chernovolov

GBP/JPY has been falling sharply in the last few hours inside the 4-hour Up Channel chart pattern which was previously identified by Autochartist.  The overall Quality of this chart pattern is measured by Autochartist at the 5 bar level – which reflects average Initial Trend (5 bars), lower Uniformity (4 bars) and higher Clarity (6 bars). GBP/JPY is expected to fall further toward the lower support trendline of this Up Chanel.

As you can see from the following chart – Autochartist also earlier identified the Key Support level 153.00 (of the type Approach) on the 4-hour GBP/JPY charts. This support level stands below the support trendline of the aforementioned Up Chanel. The presence of two different-type bearish chart setups identified by Autochartist adds to the probability the pair will continue to fall in the nearest time.

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