GBPJPY within positive outlook – Technical Analysis – 07-10-2015

The GBPJPY pair traded positively yesterday to succeed to breach 182.70 key resistance, accompanied by breaching the moving average 50 that turns to support the price positively, while it formed a falling wedge pattern and breached its resistance line to confirm completing it, heading to reach this pattern’s target.

Therefore, we expect more rise in the upcoming periods, targeting 184.10 resistance initially, while breaching this level will open the way for more rise and target 186.50 resistance as a main target for the above mentioned pattern.