Friday, February 27, 2015

Double top on the GBP/JPY 30 minute chart?

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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