GBP/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
A steep rally followed the second test of 135.64 that was launched April 17, but has now lost some of the momentum and sketched a rising wedge on the hourly chart. GBP/JPY has just tapped at the upper trend-line of the pattern and should, in theory now move on to the bottom bound near 142.58, however, it seems to be sticking around and might be launching another attack on the upper part of the pattern. In case the up-wave continues, 143.96 will be the target for now, while immediate support rests at 143.37.
© Dukascopy Bank SA
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