The Pound
versus the Yen has been retracing for today to the 185.00 level where it has
found a good resistance area and has formed what it appears to be a double top
formation on the 30 minute chart. The double top formation is a bearish
reversal pattern, which is confirmed once the price has broken below its
neckline or confirmation line. The neckline on the current pattern is situated
at the 184.68 level and we can see that the price is trying to break it to the
downside. If a downward breakout is confirmed, then the price may try to go
visit the 184.00 level where it has consolidated in the past.
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Excellent analysis.
ReplyDeleteGreat analysis, thank you!
ReplyDeleteThanks. It´s agood setup of trade.
ReplyDeleteGood point. I'll keep a close eye on it.
ReplyDeleteVery useful.
ReplyDeleteVery nice post, thanks!
ReplyDeleteGood analysis.
ReplyDelete