GBPJPY put in a daily pin bar off the bottom of a wedge that's been forming since last year. The pair also managed a pin bar on the 4 hour chart, which I posted earlier. If the pair can maintain this wedge formation we may see price test the upper boundary around 172,50. Immediate resistance may also be found at 171.50, which marks the opening gap on Dec. 26th 2013.
See More: Price Action Setups - GBPJPY and AUDUSD