GBP/JPY 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp retreat from a two-month high of 173.50 early May became a part of the double bottom pattern shaped by GBP/JPY. At the moment, the pair is vacillating near the 50-bar SMA at 170.57 that is acting as a strong support level. If GBP/JPY manages to bounce off this level, it may recover previous losses by moving closer to the key mark of 171.03—the neck-line. The bullish scenario is supported by the SWFX numbers-almost 65% of all orders are placed to buy the pair. In fact, if the pair penetrates the neck-line, we are likely to see an accelerating rally that often follows a bullish breakout from a double bottom pattern.
© Dukascopy Bank SA
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Tue, 20 May 2014 08:10:20 GMT

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