SimpleFX GBPJPY Chart Analysis: October 18, 2019

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The market is rapidly moving in an upward direction within the yellow channel. The price alternately pushes away from the upper, then from the lower bound of this channel.  Not so long ago, the upper yellow bound was reached again, then the price made a start from it. It is likely that at the moment we see the beginning of a downward movement in the direction of the lower bound of the yellow channel to the support level of 136.87. Given that the market will move down and the yellow channel is pointing up, the price may move to the lower yellow wall very slowly. In this situation, there is a second scenario. Bulls can re-reach the upper yellow bound of the channel near the resistance level of 142.50. If this happens, the decline to the lower yellow bound may start from this price level.

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