Can these two Wrasses breed?

While it is a remote possibility they would simultaneously spawn, they would not breed. Even though they are closely related, being in the same Genus, they are not closely related enough within the Genus, to have anything fertilized. In the wild they would not encounter one another and not breed that way, and the Genus as a whole does not readily hybridize, only one small complex in the Genus are known to hybridize and these species are not within that complex.

Captive breeding and raising of marine species has come a long way in the past few years, but as of yet has not included any wrasses.
 
I know there are many flasher hybrids in the wild but not fairy's. So no, they will not breed. A brief fling maybe. :)
 

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