GBP/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After increasing in value for four consecutive days during the May 7-12 time period, the GBP/JPY currency pair was stopped by the 188.60 mark. As a result of that, the double top pattern was created on the hourly chart. At the moment there is a possibility that this cross will decide to form a third top in the next few days. Hourly technical studies are pointing to the downside, meaning that the Sterling is likely to depreciate down to the pattern's support, which is reinforced by weekly PP and daily S2. These levels should send the pair back to the upside, as suggested by 4H and daily indicators. Meanwhile, 59% of SWFX traders remain short on the British currency against the Yen.
© Dukascopy Bank SA
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