Descending Triangle on GBP/JPY Weekly Chart

GBP/JPY weekly chart shows a definite descending triangle pattern that was forming since early April and is now approaching its apex. Three price spikes in both directions confirm the borders of the chart pattern. The bearish continuation is more probable but it’s better to wait for the breakout to happen before entering any position. It’s hard to outline any target but we’ll probably see a new long-term low for GBP/JPY in case of the bearish breakout. Bullish breakout may lead to the setup a long-term upward trend. You can click on the image below to get a full-size chart:


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