By: Dima Chernovolov
GBP/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), significant Uniformity (7 bars) and strong Clarity (8 bars). GBP/JPY is expected to rise further inside this Rising Wedge.
As can be seen from the daily GBP/JPY chart below – the price earlier reversed up from the major support level 150.00 (which has been reversing the pair form the start of December) standing near the lower daily Bollinger Band and the major support at 149.00. The proximity of these support levels increases the probability GBP/JPY will continue rise inside this Rising Wedge.