On Wednesday of last week, we looked at a potential top forming on the GBPJPY 4-hour chart. More specifically, the rising wedge suggested exhaustion from buyers and hinted at the idea of a bearish reversal.
Less than 24 hours later we had our break of wedge support.
As mentioned in the May 10th commentary, the first area of interest was 145.70.
As you can see from the chart, the pair bounced from this area between Friday and Monday, albeit temporarily.
The next support level mentioned in last Wednesday’s commentary was 143.70.
This area was reached during yesterday’s rather impressive flight to safety and is holding up so far today.
Daily Price Action
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