GBP/JPY 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY currency pair has been trading in double top pattern's boundaries since early August, and it seems that the pair has all chances to form a rectangle pattern, rather than penetrate any of the trend lines. The pair has inched lower on Tuesday, and was trading just 65 pips above the 200-period SMA. In case a dip below this level, bears would be able to push the pair even down to the recent low of 156.65. Technical indicators, however, do not give a clear "buy" or "sell" signals, however, market sentiment is strongly bearish, as 65% of opened positions are short. Furthermore, the majority of pending orders are also placed to sell the pair.
© Dukascopy Bank SA
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Tue, 12 Nov 2013 11:55:00 GMT

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