Daily Forex Update: GBP/JPY
By: Dima Chernovolov
GBP/JPY continues to rise inside the Clear Up Channel chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist measures the Quality of this Up Channel at the 8 bar level – which reflects the sharp Initial Trend (10 bars), above-average Uniformity (6 bars), and substantial Clarity (8 bars). GBP/JPY expected to rise inside this Up Channel – continuing the sharp daily upward impulse from the support zone described below.
As can be seen from the daily GBP/JPY chart below, this Up Channel is continuing the strong upward price impulse which started earlier from the support zone lying between the pivotal support level 136.60 (previous low from January), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from October. The maximum Initial Trend of this Up Channel reflects the strength of the active price impulse.
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