GBP/JPY Wedge Breakout

٢٥ فبراير ٢٠١٧

We have been trading within a nice wedge since Mid January. We finally got a breakout this week and a nice bearish engulfing bar. I'm looking for a retrace back toward 140.50 to find some price action and reentry short. UK yields have been falling hard and more money is flowing to safe havens like Gold/Yen due to the uncertain state of the global economy.