GBP/JPY Technical Analysis: Set to break wedge pattern to the downside after rejecting 147.00

• The last twenty-four hours have marked in a soft rising trendline for the GBP/JPY, and Monday’s early action is testing the lower bounds of the Guppy’s sideways wedge pattern, but soft breaks on thin volumes means the chart pattern is set to continue holding into the week’s heavier sessions.

GBP/JPY, M5

• Last week saw the Guppy give up ground as safe-haven demand continues to see risk-off flows keeping one foot in the Japanese Yen, and descending swing highs are marking in the top-half of the pair’s medium-term sideways wedge, but bearish pressures remain on the high side, and the pair is close to knocking into the downside of the Guppy’s near-term rising trendline.

GBP/JPY, M30

• The past four weeks see the GBP/JPY in a dedicated downtrend, and buyers should be on the lookout for a bounce off of swing high points, and another leg lower looks set to continue after the pair’s failed challenge of 147.00.

GBP/JPY, H4

Don’t forget to check out FXStreet’s Livechart to get instant live  data on the GBP/JPY