The GBPJPY has a descending wedge that may signal a reversal.

The GBPJPY is moving lower within a descending wedge as we surpass the 127% extension of the Feb lows to March highs. The longer term 61.8% Fibonacci retracement comes in at 137.62 which could allow for a manageable risk/reward for new longs. The 4hr RSI is divergent which could be the “tell” of a bounce in the coming day(s).

GBPJPY Descending Wedge

Blake Morrow