GBP/JPY continues to rise inside the Clear Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 5 bar level as a result of the low Initial Trend (rated at the one bar level), above-average Uniformity (6 bars) and near maximum Clarity (9 bars). This Triangle continues the sharp upward price impulse from the bottom of this chart pattern (point C on the chart below) which formed when the pair reversed up from the major long-term support level 118.00 (which had previously reversed strong downtrend at the start of 2009, as is shown on the second chart below). The pair is expected to rise further in the coming sessions.
The following weekly GBP/JPY chart shows the longer-term picture of price movement close to the major level of support 118.00.
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