Trade of the Day: GBP/JPY

GBP/JPY continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the below-average Initial Trend (4 bars), medium Uniformity (5 bars) and higher Clarity (6 bars). GBP/JPY is expected to rise further inside this Up Channel.

As can be seen from the daily GBP/JPY chart below – the pair earlier reversed up from the support area located between the key support level 168.35 (former strong resistance from 2022), 20-day moving average and the 61.8% Fibonacci correction of the upward impulse from April. The proximity of this support zone and the clear daily uptrend increases the probability GBP/JPY will continue to rise inside this Up Channel.