Daily Forex Update: GBP/JPY

By: Dima Chernovolov

GBP/JPY continues to fall inside the uniform hourly Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (7 bars) and above-average Clarity (6 bars). GBP/JPY is expected to fall further inside this chart pattern – in line with the earlier sharp downward reversal from the resistance zone highlighted below.

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As can be seen from the daily GBP/JPY chart below, the top of this Falling Wedge formed when the pair reversed down from the resistance area lying between the resistance level 151.20 (which also reversed the pair in October) and the upper daily Bollinger Band.  The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Evening Star. The proximity of this resistance area adds to the probability GBP/JPY will continue to decline inside this Falling Wedge.

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