Breaking out of the wedge BUY $GBPJPY

FX:GBPJPY   British Pound / Japanese Yen
GBPJPY is massively oversold. We expect it to breakout of the wedge and start heading upwards and show some respect for the better than expected CPI news out of Britain today. I think this it is still lingering around because we have the CPI announcements for US tomorrow and that will determine the direction of $USDJPY . However, I think the worst case scenario could be retest of $148 level. Best case scenario will be it continuing the climb with a strong bounce from here. Good luck!
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