GBP/JPY technicals: possible double top now dominates
Posted in on by
With a possible double top now in play above 162, the short term momentum has turned bearish. Prices have rallied over 200 pips from the overnight low at 153.40 but an upcoming test of the 100-day MA at 152.85 is now favoured. A daily close below that level would likely lead to a big liquidation of long positions. Previous lows around 156 should provide decent resistance on the day.
