GBPJPY – Still stuck after hitting 143.20 support.

I commented on the broadening wedge on my post of 7 Dec and the area of confluence at 147.00 and soon thereafter it started falling and hit our support level at 143.20 and now It gave a false breakout below, but no sell signal. I will watch this pair for a confirmed break below 143.20 or even below 142.170 (Dec Monthly candle low) before selling. I’ve drawn a H4 wedge to watch for any bullish/bearish breakouts. On the Weekly chart it has formed indecision candles for the past 2 weeks.

GBPJPY - still stuck after hitting 143.20

Source: Queen of Pound

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