GBP/JPY 30M Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY is on the verge of breaking the two-day rising wedge to the downside, setting eyes on 133.44 or 133.16 to bounce off and move on to a correction of the broke trend-line. More risk lies at 132.94 and 132.82, clustering into a tough demand area which will battle the weak Pound. The area is strengthened by an Ichimoku cloud and 200-period SMA, suggesting that prominent momentum will be required to break below. A surge would require much less effort because of lacking supply pressures on the upside, meaning that an ultra-tight Bollinger Band at 134.120 would be the only obstacle in a surge towards the upper trend-line of the wedge at 135.38.
© Dukascopy Bank SA
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