GBP/JPY continues to advance inside the Uniform Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 4 bar level which reflects the following values on the individual contributing Quality indicators: low Initial Trend (measured at the 2 bar level), significant Uniformity (7 bars) and average Clarity (5 bars).
This chart pattern continues the previous upward price move from the major level of support 117.00. More specifically, the C to B upward impulse of this Triangle broke through the descending resistance trendline of the longer-term clear-cut daily ABC correction (labeled in Red on the second chart below) to the previous sharp upward price impulse from the strong support level 117.00. The A to C downward sub wave of this Triangle encloses the C wave of the aforementioned ABC correction, as is shown on the second chart below. The price has recently reversed up (at point D) from the combined support made out of the previous ABC resistance trendline and now support trendline (after having been broken by the C to B upward impulse of this Triangle) and the 50% Fibonacci Retracement of the C to B price move. The pair is expected to continue upward movement in the coming sessions.
The following daily GBP/JPY chart demonstrates the aforementioned technical price levels:
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