Flashing red after rejection at 50-day SMA, focus on rising wedge pattern

 

  • GBP/JPY has created a rising wedge or bearish reversal pattern on the 4-hour chart. 
  • A breakdown would shift risk in favor of a re-test of September lows. 

GBP / JPY is currently trading in the red around 137.40 at the time of press, representing a decrease of 0.13% on the day, having a discharge face for the second day straight mid single grant 50 days moving (SMA) Monday.

The SMA obstacle is now located at 137.78. Meanwhile, the pair formed a rising wedge pattern or reversal not bear the 4-hour chart.

A breakdown would mean the rebound from September 22 low of 133.04 has ended and bears have regained control. This would open the doors to the range of 135.40 to 135.18 support.

Alternatively, a close above the SMA 50 days 137.78 would signal an extension of the recovery rally.

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