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GBPJPY Wedge to Offer 500-Pip Opportunity
GBPJPY has been in consolidation mode since climbing above 143.80 on February 19th. It wasn’t the most apparent level before, but that has changed. The 143.80 area is now a critical support level. It’s also one that is single-handedly propping up the 2019 rally. But there is another key level in play here. Following the year-to-date high at 148.87, the GBPJPY has carved a short-term trend line resistance. The pair retested this level this past Thursday. And when you combine trend line resistance and horizontal support at 143.80, you get a wedge pattern that could trigger a breakout in the coming weeks. The ... (full story)
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