GBP/JPY 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the lowest level since March at 168.03, the Pound received a strong bullish impetus that has driven the pair to the highest level this year at 184.34. Meanwhile, the currency pair formed a 370-bar long broadening rising wedge pattern.
Recently, the pair approached the upper boundary reaching the previously mentioned this year's high. However, now the pair is moving towards the lower trend-line that is underpinned by 200-period SMA and weekly S1 at 179.76/61. Based on the strength of the support level we expect the current trend to remain in effect, meaning that the Pound will rebound towards the 185 level, after touching the pattern's support level.
© Dukascopy Bank SA
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