Instead there have been various non-forecasted fluctuations. Although, such events are in general expected from this exchange rate. Due to that reason the Dukascopy research team has adjusted also the long term patterns.
In regards to the near future, during the review a junior channel up pattern was mapped. It is highly likely that this channel together with other support levels will force the rate through the monthly R1 and push higher.
The Pounds has continued the surge against the Japanese Yen since the last review of the currency exchange rate. However, there has been one negative aspect to the surge.
The currency pair had slightly moved out of the borders of the previously drawn ascending channel pattern. The move occurred, when the pair went down until it was stopped by the support of the 55-period SMA and the monthly pivot point near the 151.80 mark. Due to that reason the trend lines have been adjusted.
In regards to the near future, the pair is set to search for support at the 153.00 mark. Afterwards the surge is expected to continue.
During the latest fall of the currency exchange rate the pair plummeted through two support clusters at 152.50 and 151.90 until it was finally stopped near the 150.30 level. At that level the most dominant pattern’s support line and the monthly S2 are located.
The support has forced a rebound, which on Friday was being slowed down by the 200-period SMA at the 151.30 mark.
After meeting with the lower trend line of a dominant channel up pattern the, GBP/JPY currency exchange rate began a surge. By the middle of the trading session of January 18 the pair had clearly revealed a small scale ascending channel pattern.
However, the pattern is too narrow. Due to that fact it is likely going to be broken in the future, and with that move a medium scale pattern will reveal itself.
Meanwhile, regarding the short term it can be seen that the currency exchange rate is set to approach the lower trend line of the junior channel. Afterwards an attempt to break the monthly R1 at 154.12 or a decline to the weekly R1 at 152.83 will occur.