Gbpjpy Confirm Analysis

GBP/JPY has been rising in a bearish Wedge pattern. Recently the pair broke above the upper boundary line and then reversed lower. It has since found temporary support at the Wedge’s upper edge. A cursory glance at the tea leaves suggest a risk of further weakness despite the uptrend remaining intact.

GBP/JPY formed a Two Bar reversal pattern on the daily chart (rectangled) at the March 20 and 21 highs. Such patterns are fairly reliable indicators of short-to-medium term reversals