The British Pound has rebounded handsomely against the Japanese Yen in recent months, adding as much as 27.5% since late January. However, current positioning hints that the upswing is nearly over with GBPJPY prices putting in a Star candlestick at the upper boundary of a Rising Wedge bearish reversal chart formation. Confirmation on a bearish close for the current candle opens the door for a decline initially targeting support at the wedge bottom (currently at 1.4063).
