GBP/JPY is moving down within the daily Down Channel chart pattern identified by Autochartist. The Quality of this chart formation is rated at the 5 bar level. Of all the indicators that affect the value of the Quality Indicator - Uniformity has the highest value (6 bars); the remaining two indicators - Initial Trend and the Clarity are both rated at the low 2 bar level. This chart pattern continues the major down trend that can be seen on the daily and the weekly charts. The price has just reversed down from the upper resistance line of this Down Channel (that also coincides with the down trend line originating on a higher reversal point 137.75 that formed on the 3rd of the August of the last year) and the resistance level at 132.50. The price is expected to continue the down trend in the nearest time.
The 15-minute GBP/JPY chart is also showing the high Clarity Down Channel price pattern developing in accordance with the longer-term Down Channel shown above. The Clarity of this chart pattern is rated at the 9 bar level. The upper resistance line of this chart pattern can be used for opening sell entries protected with a tight stop-loss.
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