GBP/JPY 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is benefitting from stronger-than-expected data from the U.K., hence all crosses are inching higher. GBP/JPY is not an exception and it seems the trend will persist, even despite the fact stochastic is moving to a zone that indicates market is getting overbought. However, we can expect a short period of consolidation, as market sentiment is not clearly marked. At the same time, technical indicators on 4H and weekly charts are sending "buy" signals, supporting the case of further appreciation. In this case a penetration of 158.96 would put 159.61 on the map. The key level is located around 159.97, represented by pattern's resistance.
© Dukascopy Bank SA
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