By: Dima Chernovolov GBP/JPY has recently completed the Uniform Falling Wedge chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the sharp Initial Trend (whose strength is rated at the near maximum 9 bar level), substantial Uniformity (8 bars) and low Clarity (3 bars). The completion of this chart pattern continues the preceding upward price move from the major level of support at 117.00. The bottom of this Falling Wedge (point D on the chart below) formed close to this support level. The last time GBP/JPY approached 117.00 (in January of 2009) this level was able to reverse the previous sharp two-year-long downtrend (as is shown on the second chart below). The price is expected to rise further toward the Forecast Ares set between price levels 119.1 and 120.41. The following weekly GBP/JPY chart shows previous price action close to support at 117.00: For further information on this and other Autochartist products visit www.autochartist.com