Wedge break-out sustained despite yen weakness

Despite the weaker yen against a basket of currencies including the euro, Australia dollar, and U.S. dollar, GBPJPY remains on the bearish side demonstrating that the pound is indeed fundamentally weaker than the yen due to continued Brexit and inflationary risks. After a break-out of the daily wedge, bullish pressures were quickly subdued and we should begin to sell off attempts later on the week.