GBP/JPY has likely formed a Broadening topping pattern.
It has just reversed after touching the top of the pattern and looks poised for a down-leg.
The overall long-term trend, however, is bullish with a breakout from the pattern required to reverse.
GBP/JPY appears to be forming a bearish Ascending Broadening Wedge formation. The pair has just rallied to the pattern’s upper boundary line before forming a double top and pulling back. There is now a good chance it has begun the next down-leg of the pattern.
A decisive break below support at the 187.96 March 11 lows and the nearby 50-day Simple Moving Average (SMA) would confirm a continuation of the next down leg within the wedge.
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