GBP/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to a six-week high of 173.59 in the very beginning of spring put a heavy selling pressure on GBP/JPY. The pair succumbed and a week later entered a double bottom pattern.
Now the currency couple is continuing to show weakness, being unable to approach at least the 50-hour SMA at 168.81 that is meandering below the neck-line sitting at 169.61. However, GBP/JPY may ascend from the recent low before long as almost 60% of orders are placed to buy the pair.
© Dukascopy Bank SA
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