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11 Apr 2019
GBP/JPY Technical Analysis: 145.55, 146.50 challenge buyers as descending triangle is in play
GBP/JPY trades near 145.50 during early Thursday. The pair moves have been confined by the downward sloping trend-line since April 03, not to mention about seven-week-old descending triangle formation.
With this, 145.55 trend-line figure acts as an immediate resistance for the buyers to break in order to aim for the triangle’s upper-line near 146.50.
Should prices clear 146.50 resistance, 147.40, 148.30 and 148.90 could be next figures in their radar.
On the flipside, 144.75 and 143.80-70 could please sellers during further declines.
In a case, the quote slips beneath 143.70 rest-point, 143.00, 141.80 and 141.00 could please Bears.
GBP/JPY 4-Hour chart
Trend: Negative