GBP/JPY 4H Chart: Rising Wedge

GBP/JPY will shortly meet the rising wedge pattern's upper boundary at 187.17, which is guarded by the weekly R1 at the moment. A reversal of the trend is possible; however, neither technical indicators nor market participants support this idea for the moment. The former are bullish on 4H and daily time frames, while 68% of all open trades are long. Moreover, any potential losses are unlikely to extend beyond 184.50, namely a dense support area for this currency pair. Rally above 187.30 should reopen the September high at 188.40, which is located between the monthly R1 and weekly R2. These levels, however, may put at risk a long term rebound of the Sterling.