GBP/JPY has recently completed the Uniform Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the high Initial Trend and Uniformity (both rated at the near maximum 8 bar level) as well as the average Clarity (5 bars). The completion of this chart pattern continues the prevailing downtrend visible on the daily and the weekly GBP/JPY charts. The pair has recently broken through the lower support trendline of this Triangle with the Breakout whose strength is measured at the highest 10 bar level. GBP/JPY is expected to fall further toward the Forecast Area set between price levels 116.47 and 111.31.
As can be seen from the following 4-hour Key Levels chart for GBP/JPY, the above Triangle breakout coincided with the breakout through the horizontal level of support 199.98, identified previously by Autochartist. Two breakouts in one direction heighten the likelihood that this currency pair will continue to fall tomorrow.
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