Daily Forex Update: GBP/JPY
AutoChartist | Aug 14, 2014 02:10AM ET
GBP/JPY recently broke the daily Up Channel that was previously identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. The pair is expected to fall to the target level 169.64 (point A) in the next 3 trading days. Autochartist set the stop-level for this forecast at 175.37 (point B). The top of this Up Channel formed when the pair reversed down from the resistance zone lying between the resistance level 175.00 (which also earlier reversed GBP/JPY at the start of this year) and the upper weekly Bollinger Band.
The weekly GBP/JPY chart below shows the aforementioned resistance levels:
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