GBP/JPY Technical Analysis: Diamond pattern on hourly chart

15 Mar 2019

GBP/JPY's consolidation in the range of 147.00-149.00 has taken the shape of a diamond pattern on the hourly chart. A break above the upper edge of the diamond, currently at 148.00, would signal a resumption of the rally from the lows near 145.00 and could yield a break above 150.00. 

A break below the lower edge, currently at 147.66, could yield a pullback to the rising trendline support at 147.19. As of writing, the pair is trading at 147.83. 

Hourly chart

Trend: Bullish above 148.00

GBP/JPY

Overview:
    Today Last Price: 147.89
    Today Daily change: -0.03 pips
    Today Daily change %: -0.02%
    Today Daily Open: 147.92
Trends:
    Daily SMA20: 145.95
    Daily SMA50: 143.28
    Daily SMA100: 143.51
    Daily SMA200: 144.66
Levels:
    Previous Daily High: 148.88
    Previous Daily Low: 147.38
    Previous Weekly High: 148.47
    Previous Weekly Low: 144.31
    Previous Monthly High: 148.28
    Previous Monthly Low: 141.01
    Daily Fibonacci 38.2%: 147.95
    Daily Fibonacci 61.8%: 148.31
    Daily Pivot Point S1: 147.24
    Daily Pivot Point S2: 146.56
    Daily Pivot Point S3: 145.74
    Daily Pivot Point R1: 148.74
    Daily Pivot Point R2: 149.56
    Daily Pivot Point R3: 150.24

 

Trading foreign exchange on margin carries high potential rewards but also high potential risks that may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience and risk appetite. Past performance is not indicative of future results, which can vary due to market volatility. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Any opinions, news, research, analyses, prices or other information contained on this website or linked to from this website are provided as general market commentary and do not constitute investment advice. AUSFOREX does not accept liability for any loss or damage, including any loss or profit, which may arise directly or indirectly from use of or reliance on such information.

Register a Demo Account

Test drive our trading platform with a 30 day free trial

Register a Live Account

Get started.Open a Forex and CFD trading account with AUSFOREX now

Deposit Funds

Express way for deposit funds

Live Chat

Chat live with one of our 7*24 hour multilingual customer service team