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GBP/JPY bearish channel in progress

The GBP/JPY has been contained within a bearish channel and it is bouncing from the support caused mainly by news that DB (Deutsche Bank) is closer to finalizing their claims with US regulator. German equities are up, FTSE is also up but GBP is still down as suggested in my previous GBP study.

Technically POC (H4, the top of the channel, 50.0, historical sellers) comes within 131.20-35 zone but we should also pay attention to H3/EMA89/38.2 strong resistance around 131.00 round number. The rejection is targeting 130.15 and on H1 momentum or H1 close below 130.07, next target is 129.75.

Tuesday, 04 Oct, 2016 / 1:25

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Source : http://www.admiralmarkets.com/analytics/technical-analysis/

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