The GBPJPY broke down from a rising (narrowing) wedge on May 11th. I mentioned this particular reversal pattern one day prior noting how the 147.50/80 area was resistance.
It seems I was 18 pips off. Shortly after reaching a high of 147.98 on May 10th, sellers showed their hand by forcing prices below wedge support near 147.30.
The pair soon bounced from the 145.70 area, a level we discussed in the May 10th commentary .
However, the selling pressure proved too great as 145.70 later gave way to the next key support at 143.70, another level that was on our radar.
For the week ahead the 145.70 resistance area could offer a selling opportunity for a move toward 143.70 and perhaps 141.85.
Alternatively, a 4-hour close below 143.70 would also pave the way toward the next support at 141.85.
Daily Price Action
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