The bearish momentum accelerates on the GBP/JPY

The Pound continues losing ground versus its main counterparts, especially versus the Yen while the risk aversion rises, due to the trade conflicts between the United States and China. On the daily chart of the GBP/JPY we can see that the pair has been falling from the 154.00 zone with some pullbacks on the way down. Once it got to the 143.00 zone, the GBP/JPY started retracing to the upside and visits the 148.00 level where we can also find the 55 day EMA and where it forms a double top pattern. During today’s candle, the double top pattern is confirmed and the price of the GBP/JPY breaks below the 145.00 level. If the pair continues falling, then the 143.00 level may act as support. To the upside, the 148.00 level is still its most important resistance. For now the bearish trend is still in place, confirmed by the death cross of the 55 and 200 day EMAs and by the angle of inclination of the 55 day EMA.