By: Dima Chernovolov
GBP/JPY continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), significant Uniformity (7 bars) and strong Clarity (8 bars). GBP/JPY is expected to rise further inside this Up Channel in line with the earlier upward reversal from the support area highlighted below.
As can be seen from the daily GBP/JPY chart below, the price earlier reversed up from the support area lying between the support level 150.00 (which also reversed the price at the start of December) and the 50% Fibonacci correction of the previous upward impulse from November. The proximity of this support zone heightens the probability GBP/JPY will continue to rise inside this Up Channel.
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