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.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japanese Yen Analysis & Setups: USD/JPY, EUR/JPY, GBP/JPYThis article provides an in-depth analysis of the technical outlook for USD/JPY, EUR/JPY, and GBP/JPY, dissecting key resistance and support levels crucial for strategic risk management in position building.
Read more »
Japanese Yen Forecast: Brighter Days Ahead; Setups on USD/JPY, EUR/JPY, GBP/JPYThis article examines the technical outlook for USD/JPY, EUR/JPY, and GBP/JPY, discussing important price thresholds worth keeping an eye on over the next few trading sessions.
Read more »
GBP/JPY stuck into 189.00 but leaning into the upsideGBP/JPY saw a thin rally on Wednesday, testing into 189.50 before wrapping up the midweek trading session near the 189.00 handle.
Read more »
British Pound Outlook & Market Sentiment – GBP/USD, GBP/JPY, EUR/GBPThis article scrutinizes retail sentiment on the British pound across three key FX pairs: GBP/USD, GBP/JPY and EUR/GBP, while also examining unconventional scenarios that challenge common crowd behaviors in the market.
Read more »
XRP Bull Run Paused as Bears Push Toward $0.6 (Ripple Price Analysis)Crypto Blog
Read more »
EUR/USD Price Analysis: Holds below the mid-1.0900s, bullish outlook remains intactThe EUR/USD pair trades on a weaker note below the mid-1.0900s during the early European session on Thursday.
Read more »