Since coming off the December 2016 high at 148.44, the GBPJPY has coiled itself into a 1,200 pip wedge pattern. And the longer the pair consolidates, the more aggressive the ensuing breakout is likely to be. The pair is in the process of retesting wedge support for the third time since the January 2017 low at 136.44. Typically when the price action begins to lean on one side more than the other, it’s a sign of the direction the market favors. But like all terminal patterns, it’s better to stand aside and let the market make the first move. With this in mind, a close below support would expose the 138.90 handle. This ... (full story)