GBPJPY Wedge to Dictate Future Direction
With patterns like this, it’s usually best to let the market make the first move. Until the GBPJPY closes the day (New York 5 pm EST) below support or above resistance, we don’t have enough information to form a directional bias.
A daily close below wedge support would likely encounter buying pressure at 149.35 followed by 147.00 and 144.00. Alternatively, a close above wedge resistance would likely find selling pressure at the 156.00 handle.
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