GBP/JPY 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Different studies give different outlooks on GBP/JPY. Judging by the pattern the currency pair is forming, the price is likely to rally towards 135.70 (monthly PP and 200-period SMA) and then towards 142.50 (monthly R1 and July 20 high) once resistance at 131.80 is breached.

On the other hand, technical indicators and SWFX sentiment (62% of positions are long) suggest an alternative scenario. As indicators are mostly bearish and the Sterling is overbought, we may not rule out a sell-off through 129.80 and towards the 122/121 yen area. There the pair should bottom out because of the monthly S2 and the seven-month downtrend.
© Dukascopy Bank SA
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