GBP/JPY technical analysis: Short-term support-line limits pullback inside a week-long rising wedge

GBP/JPY rests on three-day-old support-line inside a week-long rising wedge formation.
Either side break of 129.75 or 128.70 becomes the key.

Anil Panchal FXStreet

GBP/JPY rests on an immediate rising trend-line as it trades near 129.27 during the early Asian session on Tuesday.

While a break of the three-day-old support-line, at 129.20 now, can drag prices to the short-term rising wedge support of 128.70, pair’s further downside will confirm the bearish technical pattern and can drag the quote towards last week's low of 126.55.

However, 127.50 and 126.80 could offer intermediate halts during the pair’s south-run.

Alternatively, an upside clearance of 129.75 negatives the bearish formation and can trigger fresh run-up to 130.00 round-figure.

It should also be noted that 130.30 and 130.65 will entertain buyers past-130.00 breakout.

GBP/JPY hourly chart

Trend: Bearish

1. R3 131.24
2. R2 130.41
3. R1 129.8
PP 128.97
1. S1 128.36
2. S2 127.53
3. S3 126.92

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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