GBP/JPY 4H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sell-off from 187 encountered a strong demand level at 176, leading to emergence of two distinct bottoms. Accordingly, there is an increased probability of a pronounced rally, though GBP/JPY must first surpass the Jan 20 high, which is the neck-line of the pattern. If this is the case, the first target will be 182.40, where the monthly S1 level merges with the 200-period SMA. The second target will be at 186, represented by the monthly PP, followed by this year's maximum at 187. At the same time, violation of the Jan 25 low at 175.80 will invalidate the bullish scenario and imply continuation of the Pound's depreciation against the Yen.
© Dukascopy Bank SA
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