Daily Forex Update: GBP/JPY
AutoChartist | Apr 23, 2014 02:30AM ET
This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.
GBP/JPY continues to rise inside the daily Triangle chart pattern that was previously identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. GBP/JPY recently reversed up from the lower support trendline of this Triangle and is expected to rise further to the target level 173.15 (last connecting point of opposing trendline) in 3 days. The daily upward-sloping moving average and the Volatility Analysis shown on the second chart below confirm this forecast.
As you can see from the following Volatility Analysis chart for GBP/JPY, the upper boundary of the daily Expected Price Range calculated by Autochartist for this pair (173.89) far exceeds the target level given in the above forecast (173.15) – which adds to the likelihood the pair will soon reach 173.15.
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