Mon, Mar 27, 2023 @ 17:09 GMT
HomeContributorsTechnical AnalysisGBP/JPY 1H Chart: Falling Wedge

GBP/JPY 1H Chart: Falling Wedge

Comment: GBP/JPY has set a strong downward trend-line to guide it away from 147.45, the December 2016 high. The pair has additionally formed a falling wedge on the hourly time-frame, meaning that the trend-line might be luring it closer again. The cross is trading mid-pattern with risks skewed to the upside until 136.16, the upper boundary of the pattern. A set of levels will provide resistance outside of the pattern causing the motion to become flatter and potentially lead to a retracement before a more prominent rally. Immediate support lies at 135.63 and will come into play if the pair makes another wave before breaking the pattern.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
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