GBP/JPY 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a break out of the monthly bull-trend, which could be a road through a two-year channel the pair has returned into after breaking the downtrend, GBP/JPY organized itself into a falling wedge. Just moments ago the rate executed a bullish breakout, suggesting that the senior pattern is indeed still in play, and the pair is about to target the upper channel trend-line around the 141 yen mark on a weekly scale. In the short-term, however, we expect the rate to advance to 136.05, just to rebound from the broken trend-line at 135.87 and extend the rally towards the 136.47/52 level, where the Upper Bollinger Band and Weekly R1 cluster. In case the rate returns in the junior pattern for now, 135.26/35 will serve as near-term support.
© Dukascopy Bank SA
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