GBP/JPY possible short-term weakness, wedge pattern to continue?
Based on the daily chart, price is currently at the 50% fib. retracement level and could continue its upwards movement towards the 61.8 retracement level at 152.
Looking at the 4H chart, price is still ranging in a rising wedge pattern and shown weakness and failing to break the rising wedge pattern towards the upside.
Scaling down to the 1H chart, we can observe that price rests on an upward trendline. Should the upward trendline break, we can expect downside towards 149.950 (1.0 projection) using the fib. extension tool which coincides with hourly support and resistance levels.
Disclaimer: Content provided is solely for information only and should not be construed as an offer or solicitation for any activity regarding the aforementioned subject.
Looking at the 4H chart, price is still ranging in a rising wedge pattern and shown weakness and failing to break the rising wedge pattern towards the upside.
Scaling down to the 1H chart, we can observe that price rests on an upward trendline. Should the upward trendline break, we can expect downside towards 149.950 (1.0 projection) using the fib. extension tool which coincides with hourly support and resistance levels.
Disclaimer: Content provided is solely for information only and should not be construed as an offer or solicitation for any activity regarding the aforementioned subject.
ملاحظة
Longer-term target @ 4H support and resistance level of 148.920 if price breaks downside from the rising wedge pattern
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