GBP/JPY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following eventless for GBP/JPY November, the currency pair initiated a powerful recovery that has already covered more than 12 figures. However, ahead of the round level of 170, Sterling's appreciation relative to the Japanese Yen has noticeably slowed down, resulting in formation of the rising wedge pattern.
And even though most of the technical indicators on the four-hour and daily charts are pointing upwards, the risk that the up-trend support line is going to be breached in the nearest future has noticeably increased. This idea is also shared by the majority of SWFX market participants—73% of them are currently holding short positions on GBP/JPY.
© Dukascopy Bank SA
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