30 Oct 2018

GBP/JPY Technical Analysis: Falling channel breakout on the hourly chart

The GBP/JPY's hourly chart is showing a falling channel breakout - a bullish development, which indicates that the risks are now skewed to the upside.
The 50-hour exponential moving average (EMA) has bottomed out and is beginning to rise in favor of the bulls.
Acceptance above 100-hour EMA of 144.36 would bolster the already bullish setup and could yield a rally to 145.00.
On the downside, a break below 143.61 (previous day's low) would invalidate the bullish breakout.

Hourly Chart

Trend: bullish

GBP/JPY

Overview:
    Last Price: 144.19
    Daily change: 43 pips
    Daily change: 0.299%
    Daily Open: 143.76
Trends:
    Daily SMA20: 146.92
    Daily SMA50: 146.07
    Daily SMA100: 145.75
    Daily SMA200: 147.73
Levels:
    Daily High: 144.42
    Daily Low: 143.34
    Weekly High: 147.59
    Weekly Low: 142.78
    Monthly High: 149.72
    Monthly Low: 142.6
    Daily Fibonacci 38.2%: 144.01
    Daily Fibonacci 61.8%: 143.75
    Daily Pivot Point S1: 143.26
    Daily Pivot Point S2: 142.77
    Daily Pivot Point S3: 142.19
    Daily Pivot Point R1: 144.33
    Daily Pivot Point R2: 144.91
    Daily Pivot Point R3: 145.41

GBP/JPY Technical Analysis: Falling channel breakout on the hourly chart

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