GBP/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to the seven-month high of 175.36 exhausted GBP/JPY potential and the pair was forced to commence a long-lasting decline that eventually pushed the instrument into a double bottom pattern. Although the currency pair started to erase losses after bottoming out at 172.62 for the second time two days earlier, the 50-hour SMA at 172.94 has been creating the headwind for a climb to the neck-line for the last 10 hours. In fact, even if the pair manages to surpass this formidable resistance, the levels of 173.03/10 (four-hour R2, R3; daily R1) and 173.30/9 (daily R2; 200-hour SMA) are likely to put selling pressure too heavy for GBP/JPY to withstand.
© Dukascopy Bank SA
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