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.

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 
  1. PP 128.97
    1. S1  128.36
    2. S2  127.53
    3. S3  126.92


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