GBP/JPY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY finds itself in an equivocal situation. On the one hand, the currency pair is currently forming a falling wedge, a pattern that implies a rally. On the other hand, even if the price manages to jump over the resistance trend-line at 160 yen, long positions would still be highly risky. The reason is a large amount of obstacles that would lay in the recovery's path. The first to be encountered is the 200-period SMA at 160.93, followed by the monthly PP at 162.21 and finally by the major down-trend line at the level of 164 yen. At the same time, in case the Sterling slips under the lower boundary of the wedge and updates the March 24 low, the rate should slide down to the February low at 154.74 without any hindrance.
© Dukascopy Bank SA
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