GBP/JPY 1H Chart: Broadening Ascending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a broadening ascending Wedge pattern against the Japanese Yen, as the currency exchange rate is heading to the pattern's resistance line, which is located at 133.77. The pattern's upper trend line is also strengthened by the second weekly resistance level, which is located at 133.89. However, the currency rate has to pass the first weekly resistance at 132.50 before it can move to the trend line. It is most likely that the surge past the weekly R1 will happen, as the currency exchange rate gradually rises and the 55, 100 and 200-hour SMAs move with it and provide support, which will push the rate higher. At the moment the SMAs are located in a cluster from 131.44 to 131.08 just below the pair at 132.00.
© Dukascopy Bank SA
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