GBP/JPY today completed the Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the low Initial Trend (measured at the 2 bar level) and substantial Uniformity and Clarity (both rated at the 8 bar level). The completion of this chart pattern continues the prevailing downtrend that can be seen on the weekly GBP/JPY charts. The top of this Triangle (point A on the chart below) formed when the pair reversed down from the resistance area lying at the intersection of the resistance level 126.00 (which had previously reversed the pair down in the June of this year) and the 50% Fibonacci Retracement of the preceding downward price impulse from March. The pair is expected to fall further toward the Forecast Price 124.09.
The daily GBP/JPY chart below shows the technical price levels mentioned above:
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