GBP/JPY 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY has been in a strong down-trend for a while now (since December). However, even though still weak but there is a sign that there soon might be a reversal, being that the pair has formed a well-defined falling wedge. The chance of a rebound is also increased by the fact that the price is close to a major support level 168, where the weekly S1 merges with the October 2014 low. If this is the case and the rate gains a foothold above 170.50 yen, the first important target will be the 200-hour SMA and the weekly pivot point near 172.50, followed by the trend-line at 173.50. At the same time, below 168 yen the Sterling will probably aim for 164 yen, namely the 2014 low.
© Dukascopy Bank SA
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