GBP/JPY appears to be forming a bearish Ascending Broadening Wedge formation.
GBP/JPY has likely formed a Broadening topping pattern. It has just reversed after touching the top of the pattern and looks poised for a down-leg. The overall long-term trend, however, is bullish with a breakout from the pattern required to reverse. The pair has just rallied to the pattern’s upper boundary line before forming a double top and pulling back. There is now a good chance it has begun the next down-leg of the pattern. A decisive break below support at the 187.
Pound Sterling versus Japanese Yen: Daily chart Such a move would probably see GBP/JPY fall to support near the 50-week Simple Moving Average at 181.60. It is worth noting that although a deep correction looks on the cards, over the long-term, the peaks and troughs of price are rising. This likely indicates GBP/JPY is in an overall uptrend, which is likely to continue as long as price does not break completely out of the bottom of the wedge at around 180.80-90.
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