GBP/JPY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached the highest mark since at least 2009 in the first day of 2014, the British Pound started to lose ground against the Japanese Yen and retreated to the lower limit of the rising wedge pattern that at the moment of writing was 319-bar long. While being a subject to a heavy selling pressure, the pair attempted to breach the pattern's support; however, the attempt failed and the currency couple returned to the pattern's area where it is faltering now. Considering bullish sentiment on the market (65.96% of traders bet on appreciation of the pair), the British Pound may see its rebound versus the Japanese Yen in the hours to come.
© Dukascopy Bank SA
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