GBP/JPY 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pattern started to form relatively recently, namely on 15th of August or one week ago. Yesterday the pair reached the upper trend-line and since then it is sliding lower. The biggest obstacle for the pattern, to remain in effect, is around 171.50 level, as there is a cluster of support levels (200-period SMA; weekly PP; daily S3) that could possibly halt the decline. Nevertheless, the short term technical indicators are bearish, thus the previously mentioned support levels might be approached soon. Meanwhile, the pair's sentiment is neutral, with a slight majority (51.31%) of the traders expecting a further retreat.
© Dukascopy Bank SA
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