GBP/JPY 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The trajectory of the British Pound's moves against Japanese currency is very similar to the greenback's trend. However, unlike the U.S. Dollar, the British Pound was capable of halting its decline after finding its bottom at 163.87 versus the Japanese Yen.
At the moment, the pair is locked between the 50-hour SMA at 165.38 and the neck-line of the 86-bar long double top pattern. However, GBP/JPY is likely to break these chains before long by penetrating the pattern's resistance and breaking out of the pattern. This view is reinforced by the SWFX data showing that almost 59% of all orders are placed to buy the pair.
© Dukascopy Bank SA
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