By: Dima Chernovolov
GBP/JPY continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the below-average Initial Trend and Uniformity (4 bars) and higher Clarity (6 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 support area located between the key support level 159.00 and the 38.2% Fibonacci correction of the previous sharp upward price impulse from the start of March. The proximity of this support area and the clear multi-month uptrend increase the probability GBP/JPY will continue to rise inside this Rising Wedge.